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

Investors May Need to Pay Taxes in Bitcoin Sooner Than Expected

Crypto Payments for Taxes: A Closer Look at the Potential Changes Ahead The possibility of paying taxes with cryptocurrency, specifically bitcoin, is gaining traction in...

Pepe Unchained: Layer 2 Blockchain Drives Meme Coin Surge Through Successful Presale

Pepe Unchained: Revolutionizing the Meme Coin Market with Layer 2 Blockchain Technology The Pepe meme is back in the spotlight with the launch of Pepe...

SEC files lawsuit against Binance staking, BNB price rises despite legal challenges

Federal Judge Allows Majority of SEC Lawsuit Against Binance to Proceed In a recent court ruling, Judge Amy Berman Jackson of the District Court for...

Today’s Crypto Market Update: TradingView News

SEC Sues Consensys Over MetaMask, Bitcoin Price Could Wake Up, and Crypto Industry Analyzes Biden-Trump Debate The United States Securities and Exchange Commission (SEC) has...

Most Popular