CBN Plans to Shut Down Every Crypto Website in Nigeria

Cryptocurrency websites in Nigeria may no longer function as CBN plans to shut down every Crypto website in Nigeria. As a result, Telecom companies might be advised not to permit users to access the websites, a person with knowledge of the situation told Techpoint Africa. This comes after peer-to-peer P2P trading on Binance’s cryptocurrency platform was discontinued.

CBN Plans to Shut Down Every Crypto Website in Nigeria

CBN Plans to Shut Down Every Crypto Website in Nigeria

In an effort to stop the naira from depreciating, the CBN may try to prevent Nigerians from accessing cryptocurrency websites. Although unsubstantiated, a person with knowledge of the situation suggested that the apex bank may employ telcos to prevent access to particular websites and applications in Nigeria.

This follows the suspension of P2P activities by cryptocurrency platform Binance yesterday, February 20, 2024.  The lack of USDT buy advertisements on the site prompted platform users to protest on X.

Binance responded by releasing a statement in which it stated that it is “dedicated to providing a market-driven, fraud-free, and manipulation-free platform for users,” but it did not specify why it was stopping cryptocurrency sales on the site.

Binance Issued a Second Statement outlining the Reasons Behind the Platform’s P2P Trading Suspension

However, it said that to comply, it was collaborating closely with legislators, regulators, and local authorities. It is interesting to note that the CBN, NSA, and EFCC are collaborating with Binance to establish a quota for USDT dealers, according to a user on X who goes by Brother Bernard.

A few days back, Binance issued a second statement outlining the reasons behind the platform’s P2P trading suspension. It claimed that when there is a substantial change in currency, its system automatically pauses.

The Public View this as Binance Working with the CBN to Regulate Traders

The corporation claims that this functionality was implemented to stop system abuse. It also disclosed that there was a brief suppression that occurred yesterday and that changes were required because it exceeded the system’s limit.

Nonetheless, the exchange started up P2P trading again on its platform on Wednesday, February 21, 2024, in the evening.

Well, a lot of people view this as Binance working with the CBN to regulate traders, which makes them less confident in the platform. Many posts on X detailing alternatives to Binance have been critical of the site, claiming it cannot be trusted.



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