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 forex, the naira, contributing to its ongoing decline within the foreign exchange
market. The adviser accused customers of being unpatriotic when participating 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 put up titled “The Naira-Greenback Manipulators,” Onanuga
urged for pressing motion, stating: “The EFCC and the CBN ought to transfer
in opposition to these platforms attempting to control our nationwide forex to Floor
Zero. Crypto ought to be banned in our nation, or else this bleeding of our
forex will proceed unabated.”
He additional highlighted the regulatory scrutiny Binance has confronted in
numerous jurisdictions and argued in opposition to granting it the authority to find out
the worth of the naira on its platform. Nevertheless, Binance countered these
claims, emphasizing that its platform operates primarily based on market dynamics and is
not meant to affect forex pricing in Nigeria.
The Naira-Greenback manipulators
I stumbled on an X put up Tuesday night time by one Brother Bernard @Mikael C Bernard who railed in opposition to 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 experiences of difficulties
confronted by crypto customers in Nigeria accessing numerous alternate web sites, together with
Binance and OctaFX, fueling
hypothesis of an impending authorities intervention. Binance, responding to the
state of affairs, reassured customers through e mail that whereas the web platform skilled
disruptions, its app remained operational. The alternate affirmed its dedication
to participating with regulators to deal with issues and promote clear
dialogue concerning cryptocurrency
operations within the nation.
Moreover, latest points arose concerning the buying and selling of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with merchants experiencing
limitations in promoting above a sure worth 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 forex, the naira, contributing to its ongoing decline within the foreign exchange
market. The adviser accused customers of being unpatriotic when participating 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 put up titled “The Naira-Greenback Manipulators,” Onanuga
urged for pressing motion, stating: “The EFCC and the CBN ought to transfer
in opposition to these platforms attempting to control our nationwide forex to Floor
Zero. Crypto ought to be banned in our nation, or else this bleeding of our
forex will proceed unabated.”
He additional highlighted the regulatory scrutiny Binance has confronted in
numerous jurisdictions and argued in opposition to granting it the authority to find out
the worth of the naira on its platform. Nevertheless, Binance countered these
claims, emphasizing that its platform operates primarily based on market dynamics and is
not meant to affect forex pricing in Nigeria.
The Naira-Greenback manipulators
I stumbled on an X put up Tuesday night time by one Brother Bernard @Mikael C Bernard who railed in opposition to 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 experiences of difficulties
confronted by crypto customers in Nigeria accessing numerous alternate web sites, together with
Binance and OctaFX, fueling
hypothesis of an impending authorities intervention. Binance, responding to the
state of affairs, reassured customers through e mail that whereas the web platform skilled
disruptions, its app remained operational. The alternate affirmed its dedication
to participating with regulators to deal with issues and promote clear
dialogue concerning cryptocurrency
operations within the nation.
Moreover, latest points arose concerning the buying and selling of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with merchants experiencing
limitations in promoting above a sure worth threshold. Binance attributed this
to an automated system pause, refuting claims of deliberate manipulation.
