HomeCryptoNigeria Takes Steps to Prohibit Peer-to-Peer Naira Cryptocurrency Trading

Nigeria Takes Steps to Prohibit Peer-to-Peer Naira Cryptocurrency Trading

-


Nigeria Proposes Ban on Peer-to-Peer Cryptocurrency Trading amid Crackdown

Nigeria Intensifies Cryptocurrency Crackdown with Proposed Ban on P2P Trading

In a move to tighten controls on the cryptocurrency sector, Nigeria is reportedly considering a ban on peer-to-peer (P2P) trading in the country’s national currency, the naira. This proposed ban comes as part of the West African country’s efforts to address the decline of its national currency, which it attributes to the influence of the crypto sector.

Emomotimi Agama, the director general of Nigeria’s Securities and Exchange Commission (SEC), announced that new regulations targeting crypto exchanges, digital asset custodians, and other industry players would be released in the coming days. Agama emphasized the need to delist the naira from the P2P space to prevent manipulation and stabilize the exchange rate.

While Nigeria lifted a ban on transacting in cryptocurrencies last year, the Central Bank of Nigeria has continued to express the need for regulation of virtual asset service providers (VASPs). The recent crackdown on crypto platforms like Binance aims to curb currency speculation that has devalued the naira.

Following the crackdown, Nigerian authorities arrested two executives from Binance, accusing them of tax evasion, currency speculation, and money laundering. One executive, Nadeem Anjarwalla, managed to escape before being located in Kenya, while the other, Tigran Gambaryan, remains in custody awaiting trial.

Binance CEO Richard Teng has called for Gambaryan’s release and criticized the Nigerian government’s actions, stating that detaining mid-level employees sets a dangerous precedent for companies worldwide.

As Nigeria continues its cryptocurrency crackdown, the future of P2P trading and the crypto sector in the country remains uncertain. Stay tuned for updates on this developing story.

LATEST POSTS

Ethereum poised to reach new all-time high as Ether ETF approval deadline approaches

Ether (ETH) Poised to Reach New All-Time Highs as Bitcoin (BTC) Prepares for Price Discovery Ether (ETH) is poised to make a significant move in...

Trump’s sudden change of heart on cryptocurrency smacks of desperation and hypocrisy

Top Stories from the Intersection of Tech and Politics: Trump's Crypto Transformation, Fontes' Deepfake, Swab Probs, Diversity Matters, Uvalde Liability Lawsuit, TikTok's Covert Influence...

Is Blockchain or a Physical Vault More Secure?

Comparing Blockchain and Physical Vaults for Data Security: Which is Safer? In the age of cyber threats and data breaches, the question of whether to...

Forecast: Bitcoin’s Value to Surge to $80,000 by 2024

Bitcoin's Next Move: Why $80,000 is a Realistic Target for 2024 and Beyond The future of Bitcoin is a hot topic among investors and analysts...

Most Popular