Binance has imposed restrictions on P2P trading operations paired with the Nigerian naira
The administration of the Binance cryptocurrency exchange has supported the efforts of the Nigerian government to overcome the financial crisis and protect the foreign exchange market.
In order to protect the Nigerian foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria appealed to the administration of the Binance exchange for assistance in efforts to solve problems related to the depreciation of the Nigerian naira against the background of galloping inflation and economic instability.
The Binance team has notified Nigerian users about the introduction of new rules and requirements for P2P trading operations performed in conjunction with the national currency of Nigeria.
"We strive to provide users with a market platform free from fraud and manipulation. If it is noticed that users are behaving maliciously or manipulatively, they will be removed from the platform," Binance said.
According to the Nigerian press, on Tuesday, February 20, Binance temporarily blocked users from Nigeria from being able to sell and buy digital assets denominated in US dollars paired with naira on the P2P platform. In addition, a temporary restriction has been introduced for Nigerian users to exchange digital assets for the national currency of Nigeria.
