According to reports, the Nigerian government is thinking about stopping Binance and other crypto companies to stop them from manipulating the forex market and moving funds illegally.
Binance and other cryptocurrency trading platforms face the risk of being banned in Nigeria. Local authorities are considering this step to prevent manipulation in the forex market. This information was reported by Premium Times Nigeria, citing Nigerian officials.
Concerns Over Crypto Exploitation in Nigeria
The Nigerian government might ban Binance and other crypto trading platforms because criminals could use them to manipulate the country’s currency, the naira. This raises concerns about economic stability and national security, especially as some criminals use crypto platforms for ransom payments.
In response, Binance limited how much Tether (USDT) could be sold on its platform in Nigeria. They also said they’re working with local authorities to follow the rules.
This happens as the Office of the National Security Adviser and the Central Bank of Nigeria (CBN) team up to tackle problems affecting economic stability. They want to keep a closer eye on local trading platforms because the market has been more unpredictable lately.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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