Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu
on info and technique, has ignited a contentious debate by calling for a
ban on cryptocurrency buying and selling platforms together with Binance, KuCoin, and others
inside the nation.
Onanuga’s name for the ban surfaced on X social media
platform the place he alleged that these platforms have been manipulating Nigeria’s
fiat foreign money, the naira, contributing to its ongoing decline within the foreign exchange
market. The adviser accused customers of being unpatriotic when partaking in buying and selling
actions on Binance, notably concentrating on the Financial and Monetary Crimes
Fee (EFCC) and the Central Financial institution of Nigeria (CBN) to intervene swiftly
and put a halt to cryptocurrency exchanges within the nation.
In his submit titled “The Naira-Greenback Manipulators,” Onanuga
urged for pressing motion, stating: “The EFCC and the CBN ought to transfer
towards these platforms making an attempt to govern our nationwide foreign money to Floor
Zero. Crypto ought to be banned in our nation, or else this bleeding of our
foreign money will proceed unabated.”
He additional highlighted the regulatory scrutiny Binance faces in
numerous jurisdictions and argued towards granting it the authority to find out
the worth of the naira on its platform. Nonetheless, Binance countered these
claims, emphasizing that its platform operates primarily based on market dynamics and is
not meant to affect foreign money pricing in Nigeria.
The Naira-Greenback manipulators
I came upon an X submit Tuesday evening by one Brother Bernard @Mikael C Bernard who railed towards what he referred to as the order of the EFCC, NSA on Finance to set a cap on merchants promoting USD tokens for Naira equal.
He disclosed that token sellers… pic.twitter.com/c9YBjawJMz
— Bayo Onanuga (@aonanuga1956) February 21, 2024
Crypto Customers in Nigeria Face Alternate Entry Points
The decision for a ban comes amidst reviews of difficulties
confronted by crypto customers in Nigeria accessing numerous change web sites, together with
Binance and OctaFX, fueling
hypothesis of an impending authorities intervention. Binance, responding to the
scenario, reassured customers by way of e-mail that whereas the net platform skilled
disruptions, its app remained operational. The change affirmed its dedication
to partaking with regulators to handle considerations and promote clear
dialogue relating to cryptocurrency
operations within the nation.
Moreover, latest points arose relating to the buying and selling of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with merchants experiencing
limitations in promoting above a sure value threshold. Binance attributed this
to an automated system pause, refuting claims of deliberate manipulation.
Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu
on info and technique, has ignited a contentious debate by calling for a
ban on cryptocurrency buying and selling platforms together with Binance, KuCoin, and others
inside the nation.
Onanuga’s name for the ban surfaced on X social media
platform the place he alleged that these platforms have been manipulating Nigeria’s
fiat foreign money, the naira, contributing to its ongoing decline within the foreign exchange
market. The adviser accused customers of being unpatriotic when partaking in buying and selling
actions on Binance, notably concentrating on the Financial and Monetary Crimes
Fee (EFCC) and the Central Financial institution of Nigeria (CBN) to intervene swiftly
and put a halt to cryptocurrency exchanges within the nation.
In his submit titled “The Naira-Greenback Manipulators,” Onanuga
urged for pressing motion, stating: “The EFCC and the CBN ought to transfer
towards these platforms making an attempt to govern our nationwide foreign money to Floor
Zero. Crypto ought to be banned in our nation, or else this bleeding of our
foreign money will proceed unabated.”
He additional highlighted the regulatory scrutiny Binance faces in
numerous jurisdictions and argued towards granting it the authority to find out
the worth of the naira on its platform. Nonetheless, Binance countered these
claims, emphasizing that its platform operates primarily based on market dynamics and is
not meant to affect foreign money pricing in Nigeria.
The Naira-Greenback manipulators
I came upon an X submit Tuesday evening by one Brother Bernard @Mikael C Bernard who railed towards what he referred to as the order of the EFCC, NSA on Finance to set a cap on merchants promoting USD tokens for Naira equal.
He disclosed that token sellers… pic.twitter.com/c9YBjawJMz
— Bayo Onanuga (@aonanuga1956) February 21, 2024
Crypto Customers in Nigeria Face Alternate Entry Points
The decision for a ban comes amidst reviews of difficulties
confronted by crypto customers in Nigeria accessing numerous change web sites, together with
Binance and OctaFX, fueling
hypothesis of an impending authorities intervention. Binance, responding to the
scenario, reassured customers by way of e-mail that whereas the net platform skilled
disruptions, its app remained operational. The change affirmed its dedication
to partaking with regulators to handle considerations and promote clear
dialogue relating to cryptocurrency
operations within the nation.
Moreover, latest points arose relating to the buying and selling of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with merchants experiencing
limitations in promoting above a sure value threshold. Binance attributed this
to an automated system pause, refuting claims of deliberate manipulation.
