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Binance, Tinubu Govt Team Up to Restrict Dollar-Naira Exchange

In a surprising development, Binance, the world’s leading cryptocurrency exchange, has acknowledged its cooperation with the administration of President Bola Tinubu to restrict Nigerians from participating in dollar-naira transactions on its platform.

The announcement, aimed at P2P users in Nigeria, cautions against manipulative practices, warning of removal from the platform for non-compliance.

Binance has implemented various measures, including capping advertisement limits, removing fraudulent ads, and mandating higher deposits for merchants placing ads, to combat market manipulation.

As part of the collaboration, Binance has disabled the sell option for Nigerian users, restricted the buy option, and suspended cryptocurrency purchases via P2P. This move is interpreted as a drastic attempt by the Tinubu-led government to stabilize the naira amidst its depreciation against the dollar. Nigerian users have expressed discontent with the decision, with some considering migrating to alternative platforms for dollar-naira transactions.

The situation reflects previous cryptocurrency regulations in the country and occurs within the context of broader economic initiatives aimed at tackling currency speculation.

Peer-to-Peer Cryptocurrency Platform Attracts Nigerian Binance Users

Nigeria Begins Talks With Binance; Planning Economic Diversity Through Blockchain Technology

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