Binance has limited the selling price of Tether USDT$1.00 tokens on its peer-to-peer (P2P) network to comply with Nigerian regulations. Traders on Binance cannot presently sell USDT for more than 1,802 naira per USDT.
The cryptocurrency exchange told its Nigerian users that it is dedicated to collaborating with local authorities, MPs, and regulators to guarantee that users who do not comply with the price cap are held accountable. Binance P2P enables users to purchase and trade cryptocurrency for fiat currency directly with other users.
The price cap prevented traders from selling above it, forcing them to move to other exchanges where they could trade freely without restrictions.
We are dedicated to providing a market-driven platform for users, as well as working hand in hand with local authorities and regulators.
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— Binance Africa (@BinanceAfrica) February 20, 2024
Nigeria’s Office of the National Security Adviser, in partnership with the Central Bank of Nigeria (CBN), has launched a combined effort to combat FX speculation and address concerns threatening the country’s economic stability.
The program emphasizes that speculators’ activities, both domestically and internationally, have contributed significantly to the naira’s depreciation, aggravating inflation and causing economic instability in Nigeria.
