Cryptocurrency exchange Binance has removed the Nigerian naira (NGN) from its peer-to-peer (P2P) platform, sparking concerns and speculation. This move comes amidst heightened scrutiny from Nigerian authorities who have accused the platform of contributing to the devaluation of the naira and operating illegally within the country.
The removal of NGN from the P2P platform effectively restricts Nigerians from directly buying and selling cryptocurrencies using their local currency. Previously, Nigerians could use Binance P2P to connect with other users and exchange naira for cryptocurrencies like Tether (USDT) or Bitcoin (BTC).
This decision follows reports that two Binance executives were detained in Nigeria and had their passports seized. Additionally, the Nigerian government has reportedly blocked access to several cryptocurrency platforms, including Binance, further tightening its stance on the industry.
The reasons behind Binance’s decision remain unclear, but it is likely linked to the ongoing pressure from Nigerian authorities. The company has not yet issued an official statement regarding the removal of NGN from its P2P platform.
This development has significant implications for Nigerian cryptocurrency users. It limits their options for buying and selling cryptocurrencies and potentially adds complexity and cost to the process. Additionally, it raises concerns about the future of cryptocurrency regulation in Nigeria and the potential impact on the country’s crypto ecosystem.
It remains to be seen how this situation will unfold and whether Binance will reinstate NGN on its P2P platform in the future. The situation is evolving rapidly, and it is crucial to stay updated on the latest developments regarding cryptocurrency regulations in Nigeria and their impact on users and businesses.
