Binance, a leading cryptocurrency exchange, has suddenly shut down its peer-to-peer (P2P) trading platform in Nigeria due to regulatory worries related to forex volatility.
Recent reports indicate the arrest of two Binance Nigeria executives by the Nigerian Federal Government, raising concerns about money laundering and illegal forex trading.
The closure has left Nigerian crypto traders uncertain, with the government tightening control over crypto activities, citing fears of forex manipulation impacting the Naira’s stability and potential illicit transactions.
The Central Bank of Nigeria accused Binance and other exchanges of currency manipulation, leading to internet access blocks.
Nigerian traders are voicing concerns on social media, seeking transparency from both Binance and the government.
