- Binance Adapts Trading Procedures: In response to an unusual currency fluctuation, Binance, a prominent crypto trading platform, has adjusted its trading protocols.
- Disassociation from Nigerian Forex Crisis: Binance has distanced itself from the forex crisis in Nigeria after reports emerged of the government blocking major online crypto platforms to prevent forex market manipulation and illicit fund movement.
- Government Intervention: The Nigerian Communications Commission (NCC) reportedly directed telecommunication companies to block crypto platforms following orders from the National Security Adviser, Nuhu Ribadu, to crack down on currency speculators.
- Unconfirmed Reports on Restrictions: There are unconfirmed reports suggesting that the Central Bank of Nigeria (CBN) and other governmental bodies may have instructed Binance to impose restrictions on Nigerian traders selling USDT.
- Binance Response: Binance released a statement refuting the claims and emphasized its commitment to transparency in cryptocurrency trading. It stated that it doesn’t influence foreign exchange rates and outlined measures to protect users and prevent abuse in the market.
NAIJA NEWS
Prominent crypto trading platform, Binance, has modified its trading procedures to counteract an abnormal currency fluctuation, while also dissociating itself from the forex crisis in Nigeria.
Recall the Federal Government had reportedly blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds.
Naija News reports that the latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country.
It was gathered that the Nigerian Communications Commission (NCC) communicated the directive to telecommunication companies to block the crypto platforms.
Reports, yet to be confirmed, indicate that the Central Bank of Nigeria (CBN) and other governmental entities may have directed Binance to impose restrictions on Nigerian traders selling USDT.
