Binance, the world’s largest cryptocurrency trading platform, has made changes to its services for Nigerian users as the government in Nigeria tries to regulate cryptocurrency to stabilize the national currency.
One of the changes is the disabling of the peer-to-peer (P2P) function, which allowed users to trade directly with each other without involving a third party.
This feature was popular among Nigerian users after the cryptocurrency ban by former President Muhammadu Buhari in 2021.
Disabling the P2P function could have a significant impact on Nigerian users’ ability to trade on Binance, a platform widely used in the country. Additionally, the Nigerian currency is no longer available on Binance as of Wednesday.
These changes follow statements made by Olayemi Cardoso, the Governor of the Central Bank of Nigeria, during the Monetary Policy Committee (MPC) meeting in Abuja.
Cardoso pointed out that more than $26 billion had passed through Binance in the last year.
Recently, Binance announced its partnership with the government under President Bola Tinubu to stop dollar-naira trading on its platform. Additionally, Binance admitted that its website was blocked, but its app was still working for users.
Lately, government officials have been increasing their efforts to regulate cryptocurrency platforms, even conducting raids on bureau de change outlets nationwide.
