Cryptocurrency trading platform, Binance, has confirmed it will fall in line with the Nigerian government's rule on dollar-naira trade regulation on its platform.
This fresh update was made via the platform's website in a statement titled “Commitment to P2P users in Nigeria”. The platform threatened to go after and remove suspicious users behaving in a manipulative way from the platform.
“As industry leaders, We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’
We are dedicated to providing a market-driven, fraud-free, and manipulation-free platform for users. We take our responsibility to protect users very seriously. To be clear: if users are behaving in a malicious or manipulative way, they will be removed from the platform.” the statement said.
According to Cointelegraph, the update will see Binance put a cap on the selling price of Tether USDT $1.00 tokens on its peer-to-peer (P2P) platform to comply with the regulations in Nigeria. With this option, traders on Binance cannot currently sell USDT above a ₦1,802 per USDT cap.
The platform had recently disabled the ‘sell’ option for its Nigerian users thus blocking them from selling fiat currency, USDT, on the platform.
With the price cap now in force, accounts of traders attempting to sell above it will be blocked, a development which has left those who planned on selling their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck while other traders have moved out of the platform to seek other trading options where they can trade freely without restrictions.
This development comes amid the recently announced collaboration between the Office of the National Security Adviser and the CBN with plans to combat forex speculation and tackle the issues affecting the country’s economic stability.