“Cannot Sell Above N1,802/USDT”: Binance implements a restriction as the Federal Government considers halting its operations.

Binance, a peer-to-peer exchange, has set a cap on the selling of cryptocurrency stablecoin, Tether, as a means of cooperating with Nigerian authorities. Traders on the platform are currently unable to sell USDT above a 1,802 naira per USDT limit. Binance stated that its P2P platform is market-driven, not determined by Nigerian currency rates. In addition, the platform has implemented strict safeguards to protect users, including real-time monitoring, prompt removal of non-compliant adverts, and permanent removal of bad actors. Binance is working closely with regulators to promote an open and transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets. The Nigerian government is considering blocking online platforms of cryptocurrency companies over alleged manipulation of the foreign exchange market and illicit financial transfers, which led to the naira reaching an all-time low of N1,815 to a dollar on the black market. The Nigerian Communications Commission directed MTN, Glo, and other telecommunication networks to block Binance as part of this move.