PUNCH
If you go to Binance P2P, there is heavy manipulation going on there. And from my deductions, most of the big Binance P2P merchants are united in carrying out this manipulation. Some of them even have over $2 million worth of USDT in their wallet which begs the question of whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.
Many people might not understand the strategy these merchants use, therefore, I will try to break it down.
This is how the manipulation works;
Let’s assume that the naira to $ is currently exchanging at the parallel market for N1,500. On Binance P2P, this group of merchants will create multiple fake ads claiming they will buy your USDT for N1,700 (way above the parallel market price).
I call these ads “fake” because they will set a minimum limit above N5 million, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling the value worth over N5 million at once.
This strategy works in filtering out the majority of average Nigerians who want to sell their USDT to these merchants. This means the fake ads will remain at the top of the P2P “sell” section for as long as these groups of merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.
Now because these group of merchants have filled the P2P “sell” section with these fake ads claiming to buy your USDT at an exorbitant rate of N1,700, they have automatically shifted the P2P price of Naira to USD to N1,700.
