The government is considering imposing restrictions on online platforms, including Binance, to address concerns about forex market manipulation and illegal fund transfers in Nigeria.
The Naira has fallen against the US Dollar, prompting authorities to contemplate action against Binance, suspecting exploitation for criminal activities.
National security is also a worry due to criminal entities exploiting these platforms for illicit actions, including ransom payments and blackmail proceeds.
The Nigerian Financial Intelligence Unit points out manipulative practices, while Binance faces similar allegations globally.
If the government opts to ban digital asset trading platforms, it would align with actions taken by other countries.
The Office of the National Security Adviser is collaborating with the Central Bank to combat currency speculators and economic saboteurs.
