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Nigeria Bars Crypto Exchanges Binance, Coinbase

2024/02/29 18:15

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Nigeria's President, Bola Tinubu, aims to revitalize the economy with market reforms, scrapping fixed exchange rates for a free-floating system. Amidst Naira's devaluation, cryptocurrency exchanges offer an alternative trading avenue, but concerns arise over unofficial Naira rates.

National Communications Commission Orders Block on Binance and Coinbase Amid Concerns of Exchange Rate Manipulation

The National Communications Commission orders telecom firms to block access to crypto exchanges like Binance and Coinbase, citing concerns over exchange rate manipulation. Tinubu's advisor accuses Binance of setting Naira rates, prompting calls for regulatory action to protect the fiat currency.

The Naira-Dollar manipulators

I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.

He disclosed that token sellers… pic.twitter.com/c9YBjawJMz
— Bayo Onanuga (@aonanuga1956) February 21, 2024

Nigerian Authorities Crack Down on Crypto Exchanges: Binance Executives Detained, Trading Suspended Amid Concerns of Illicit Funds

Nigerian authorities launch probes into crypto exchanges, seeking user data from Binance Nigeria. Following Nigeria's ban on certain exchanges, Binance executives are detained, and trading pairs are suspended.

Central Bank Governor Olayemi Cardoso voices worries about illicit funds in crypto platforms, highlighting $26 billion untraceable flow through Binance's Nigerian platforms in a year.

Binance Grapples with Global Regulatory Hurdles: US Fine, UK Resistance, and Nigeria's Crypto Exchange Ban

Binance faces regulatory challenges worldwide, including a $4.3 billion fine in the US and resistance in the UK. Regulatory opposition impedes Binance's re-entry into the UK market.

In conclusion, Nigeria's move to ban crypto exchanges like Binance and Coinbase reflects concerns over exchange rate manipulation and illicit fund circulation. This regulatory crackdown adds to Binance's global hurdles, signaling potential setbacks in its operations.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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