BINANCE REMOVES NAIRA FROM ITS PEER-TO-PEER MARKET AMID CLAPDOWN BY NIGERIA GOVERNMENT.
BINANCE is still operational in Nigeria despite the CLAPDOWN by Nigeria government, the feature known as p2p market, allows users,buyers and sellers to transact without the the intervention of a third party was removed on Wednesday 28th Feb 2024.
- P2p market became widely known among Nigerians in 2021 after former president Muhannadu Buhari's adminstration banned crypto trading in the country.
The removal of Naira by BINANCE from it's p2p market came amid claims by Nigeria authorities that the platform contributed to the devaluation of Naira.
Financial times reported on Wednesday that two employees of BINANCE were detained by office of the National Security Adviser, Nuhu Ribadu in Abuja as part of the investigation into the Cryptocurrency exchange's operations in Nigeria.
A special adiver to President Bola Tinubu on information and strategy, Bayo Onanuga on Wednesday said if BINANCE is not stopped, It would destroy the Nigeria economy because of the ay it arbitrarily fixes foreign exchange rates.
BINANCE p2p market in Nigeria is suspended for now.
