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Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange - Business - Nairaland

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Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by EMIOMOADEOYE: 9:15am On Feb 21
The world’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”

“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’


The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

This comes as another desperate move by the Tinubu-led government to stem naira freefall against the dollar. The naira continues to decline even after the Economic Financial Crimes Commission raided perceived currency speculators at a popular Abuja Bureau De Change hub on Monday.

Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” a statement issued by Mr Ribadu’s office read.

It added, “The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”

The naira hit its all time low, trading for N1902 to a dollar on Tuesday before Binance blocked its Nigerian user from selling USDT on the platform.

Mr Tinubu’s government collaborating with Binance to block Nigerians from dollar-naira trading mirrors his predecessor, former President Muhammadu Buhari’s ban on cryptocurrency trading in the country in 2021. The CBN under Mr Tinubu’s watch in December 2023 lifted the ban on cryptocurrency.

Some Nigerian Binance users have criticised Binance on its latest move, threatening to migrate to other platforms for their dollar-naira trading.

An x user, @MikaelBernard, on Tuesday, dismissed Binance’s decision against Nigerian users as “absolutely ridiculous,” adding that “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully.”

“You can no longer sell your own tokens for above 1802/$. I don’t know what they aim to achieve, but traders are now on telegram, selling at 1850/$ and above. Binance was only a medium. If you block Binance, people will find new ways,” @MikaelBernard tweeted.

Another X user, MiracleOkeke said, “So, let me understand, you literally decided to put a peg or control a somewhat person-to-person transaction that should normally be determined by whatever price they wish? As an open market? Jokes on you, we will move to other platforms.”

With “more than half of its adult population” trading cryptocurrency “monthly,” according Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.

Recent restrictions on domiciliary accounts in Nigeria by the Tinubu-led government could have also increased the number of Nigerians using the exchange to save their money or facilitate the receipt of funds from abroad.


https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by criuze(m): 9:36am On Feb 21
No wind is favorable for a ship that lacks destination


Binance have to pet them like sucklings



Youruba people na cancer to nigeria

2 Likes

Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by MASTERCHIEF0847(m): 9:41am On Feb 21
Domiciliary accounts are the Next Target cheesy
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by Cassandraloius: 9:43am On Feb 21
Hmmmm.....
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by Nbote(m): 9:43am On Feb 21
Disabling P2P, disabling
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by EmperorCaesar(m): 1:00pm On Feb 21
criuze:
No wind is favorable for a ship that lacks destination


Binance have to pet them like sucklings



Youruba people na cancer to nigeria

Its about Binance and the FG but u had to mention Yoruba people...Your Yoruba obsession is sickening

I think i know the shape of your head and I know where the sun rises grin

Even the bible said the wise men left the East since 1BCE, na mumu remain for there since that time cheesy cheesy cheesy

2 Likes

Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by Elliotwaveforec: 1:33pm On Feb 21
The peg should stay permanent!

Kucoin next!
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by HRprof: 5:23pm On Feb 21
MASTERCHIEF0847:
Domiciliary accounts are the Next Target cheesy
It wouldn’t work because all politicians have domiciliary accounts.
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by fidelmarshal199: 5:34pm On Feb 21
FG should withdraw all the dollars with BDC and disband the organisation. Banks should be the one performing the selling and buying of dollars not aboki that doesn't understand anything bout algorithm.


HRprof:

It wouldn’t work because all politicians have domiciliary accounts.

If you like believe or not. Dom account is the next, Difficult decisions are needed to make so as to have the Nigeria we aspired for. Converting every dollars to Naira at an official rate will stabilise the Naira

1 Like

Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by Sumerians: 5:40pm On Feb 21
EMIOMOADEOYE:
The world’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”

“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’


The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

This comes as another desperate move by the Tinubu-led government to stem naira freefall against the dollar. The naira continues to decline even after the Economic Financial Crimes Commission raided perceived currency speculators at a popular Abuja Bureau De Change hub on Monday.

Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” a statement issued by Mr Ribadu’s office read.

It added, “The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”

The naira hit its all time low, trading for N1902 to a dollar on Tuesday before Binance blocked its Nigerian user from selling USDT on the platform.

Mr Tinubu’s government collaborating with Binance to block Nigerians from dollar-naira trading mirrors his predecessor, former President Muhammadu Buhari’s ban on cryptocurrency trading in the country in 2021. The CBN under Mr Tinubu’s watch in December 2023 lifted the ban on cryptocurrency.

Some Nigerian Binance users have criticised Binance on its latest move, threatening to migrate to other platforms for their dollar-naira trading.

An x user, @MikaelBernard, on Tuesday, dismissed Binance’s decision against Nigerian users as “absolutely ridiculous,” adding that “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully.”

“You can no longer sell your own tokens for above 1802/$. I don’t know what they aim to achieve, but traders are now on telegram, selling at 1850/$ and above. Binance was only a medium. If you block Binance, people will find new ways,” @MikaelBernard tweeted.

Another X user, MiracleOkeke said, “So, let me understand, you literally decided to put a peg or control a somewhat person-to-person transaction that should normally be determined by whatever price they wish? As an open market? Jokes on you, we will move to other platforms.”

With “more than half of its adult population” trading cryptocurrency “monthly,” according Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.

Recent restrictions on domiciliary accounts in Nigeria by the Tinubu-led government could have also increased the number of Nigerians using the exchange to save their money or facilitate the receipt of funds from abroad.

https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/

Dead On Arrivalgrin

See wereeys them dey talk about sheethole dey deservfu lolgrin
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by MASTERCHIEF0847(m): 5:41pm On Feb 21
HRprof:

It wouldn’t work because all politicians have domiciliary accounts.
cheesy cheesy cheesy
Dey play...just dey play.
Re: Binance Confirms Working With Tinubu Govt To Block Dollar-naira Exchange by LandMann: 9:04pm On Feb 21
fidelmarshal199:
FG should withdraw all the dollars with BDC and disband the organisation. Banks should be the one performing the selling and buying of dollars not aboki that doesn't understand anything bout algorithm.




If you like believe or not. Dom account is the next, Difficult decisions are needed to make so as to have the Nigeria we aspired for. Converting every dollars to Naira at an official rate will stabilise the Naira

Tampering with dom account in the name of stabilising naira is like passing an elephant through the eye of a niddle. If Nigerian government try it then Tinubu can kiss his administration goodbye.

The revolution he fears will start right there in Aso Rock and I doubt if he or his family will survive the anger of those affected. And by those affected I mean both ordinary Nigerians and foreign individuals and large corporations who choose to keep their savings in foreign currency because the law permits them to do so. Waking up and seizing their money is like robbery. Nigeria's assets will be seized everywhere in the world and Nigeria will sweat to survive the thousands of lawsuits that will face the country in international courts.

Always think before you type.

Nigeria is in a deep mess because Tinubu was over excited and hurriedly declared policies that will not favour Nigeria and Nigerians. Now he has to either eat his vomit or allow pride continue to govern his useless judgement

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