Binance delists naira from P2P market day after arrest of staff
Cryptocurrency trading platform, Binance, on Wednesday, removed the Nigerian currency, the Naira, from its peer-to-peer feature.
The feature, known as the P2P market, allows users, buyers, and sellers to transact without the intervention of a third party.
It became widely known among Nigerians in 2021 after former president Muhammadu Buhari’s administration banned crypto trading in the country.
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Right now, many Nigerian users can no longer enjoy the feature because of the removal of their currency.
The removal of Naira by Binance from its P2P market came amid claims by Nigerian authorities that the platform contributed to the devaluation of Naira.
A Special Adviser to President Bola Tinubu on Information & Strategy, Bayo Onanuga on Wednesday said if not stopped, Binance would destroy the Nigerian economy because of the way it arbitrarily fixes foreign exchange rates.
Binance in Nigeria
Binance is a popular cryptocurrency exchange platform that operates globally, including in Nigeria. In recent years, the adoption of cryptocurrencies has been on the rise in Nigeria, with many individuals and businesses turning to digital assets for various purposes such as investments, remittances, and online transactions.
Regulation of cryptocurrency in Nigeria
The regulatory environment for cryptocurrencies in Nigeria has been evolving over the years. In 2017, the Central Bank of Nigeria (CBN) issued a circular warning financial institutions about the risks associated with virtual currencies. However, in 2021, the CBN issued another circular prohibiting banks from facilitating cryptocurrency transactions. This move caused some disruptions in the cryptocurrency market in Nigeria.
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Despite the regulatory challenges, Binance has continued to operate in Nigeria and has a significant user base in the country. Users in Nigeria can access Binance’s platform to buy, sell, and trade a wide range of cryptocurrencies. Binance also offers various services such as peer-to-peer trading, futures trading, and staking to its Nigerian users.
Impact of Binance in Nigeria
Binance’s presence in Nigeria has had a significant impact on the local cryptocurrency ecosystem. The platform has provided Nigerians with access to a global cryptocurrency market, allowing them to trade digital assets easily and securely. Additionally, Binance’s educational initiatives have helped raise awareness about cryptocurrencies and blockchain technology in Nigeria.
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Moreover, Binance has supported various blockchain projects and startups in Nigeria through its incubation programs and funding opportunities. This support has contributed to the growth of the blockchain industry in the country and has helped Nigerian entrepreneurs explore innovative use cases for blockchain technology.
In conclusion, Binance’s operations in Nigeria have played a crucial role in shaping the local cryptocurrency landscape and promoting the adoption of digital assets among Nigerians.
