Market
Is Central Bank of Nigeria Cracking Down on Binance P2P?
[ad_1]
Changpeng Zhao, the co-founder of cryptocurrency exchange Binance, posting a cryptic comment on X (Twitter) has led the community to speculate that the Central Bank of Nigeria (CBN) is cracking down on Binance peer-to-peer (P2P) exchange rates.
The citizens of developing countries often resort to crypto services for ease of transactions. Many believe that this is one of the reasons for the popularity of cryptocurrency in Nigeria.
USDT Falls 30% Against Nigerian Naira (NGN) on Binance
The screenshot below from Binance shows that USDT has fallen by over 30% against the Nigerian currency, the naira (NGN).
Read more: 8 Best Crypto Wallets to Store Tether (USDT)
Many believe that Naira is getting stronger as the CBN has been clearing its forex backlog.
According to Punch, the CBN has cleared its debts with three banks – Citibank, Stanbic IBTC, and Standard Chartered Bank. The Finance Ministry estimates that the amount of overdue forward payments is $6.7 billion.
Nonetheless, as the USDT is bleeding against the naira, some community members believe that CBN is trading on Binance P2P to force the rate of USDT down further.
Read more: 10 Best P2P Crypto Exchanges You Need To Know About in 2023
An X (Twitter) user wrote:
“Looks like a joke, but if CBN is really selling USDT on Binance P2P to trigger a price dump, then we are in more trouble than we imagined.
“This is what the Apex bank is doing? REALLY??”
In August, the Nigerian regulatory body the Association of Bureaux de Change Operators of Nigeria (ABCON), asked the government to ban Binance, claiming it puts pressure on the naira. ABCON President Aminu Gwadabe said:
“If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate. So, we have to do something that can stop Binance.”
Meanwhile, Changpeng Zhao posted a Nigeria flag emoji on X.
Do you have anything to say about Binance Nigeria, Naira, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
[ad_2]
Source link
