{"id":400893,"date":"2024-02-28T18:47:44","date_gmt":"2024-02-28T18:47:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=400893"},"modified":"2024-03-01T16:29:19","modified_gmt":"2024-03-01T16:29:19","slug":"binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns\/","title":{"rendered":"Binance drops Nigerian naira from P2P platform amid forex manipulation concerns"},"content":{"rendered":"

Crypto exchange Binance<\/a> has removed Nigeria's fiat currency, Naira, from the national currencies it supports on its peer-to-peer platform, according to CryptoSlate <\/em>sources.<\/p>\n

Meanwhile, the Financial Times reported that two Binance executives have been detained in the country, with their passports seized. The Binance employees had traveled to Nigeria to resolve the country's ban on crypto exchange websites.<\/p>\n

Nigeria has the highest peer-to-peer volume<\/a> in the world due to the high level of adoption in the country. The development comes amid increasing regulatory concerns<\/a> about Binance's role in Nigeria's foreign exchange challenges.<\/a><\/p>\n

P2P exchange rate concerns<\/h2>\n

Last week, the Nigerian government restricted access<\/a> to the online platforms of various crypto firms, including Binance. The regulators argued that this would prevent what they perceived as ongoing manipulation of the foreign exchange market and the unlawful movement of funds.<\/p>\n

However, as is well known in the crypto industry, the exchange rates on P2P markets are not controlled by crypto exchanges \u2014 rather, the rate is the price at which two individuals agree to trade their assets.<\/p>\n

The “open-market exchange rate,” as it is often called, is determined by people participating in P2P markets involving unstable fiat currencies. The exchange rates often fluctuate heavily depending on market conditions and are usually above the interbank rate.<\/p>\n

This is the first time a government has blamed crypto exchanges for the open market rates of their currency.<\/p>\n

Binance has yet to respond to CryptoSlate's<\/em> request for comment as of press time.<\/p>\n

It's worth noting that the Nigerian Securities and Exchange Commission (SEC) declared<\/a> Binance's operations illegal in 2023, citing its lack of registration in the country.<\/p>\n

Unverified $26 billion transaction<\/h2>\n

Olayemi Cardoso, the governor of Nigeria's Central Bank, recently told local media that Binance Nigeria allegedly facilitated the transfer of $26 billion from unidentified sources last year.<\/p>\n

Cardoso said<\/a>:<\/p>\n

“In the case of Binance, In the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify.”<\/p><\/blockquote>\n

Local media reported that Cardoso also reiterated the ongoing clampdown on crypto platforms and revealed the collaboration between federal agencies to curb the foreign exchange rate distortions.<\/p>\n

He reportedly said<\/a>:<\/p>\n

“[The authorities] are determined to do everything it takes to ensure that we take charge of our market or put it differently to not allow others to manipulate our markets in a way that ends us distortionary and sub-optimises for all Nigerians.”<\/p><\/blockquote>\n

Nigerians remain pro-crypto<\/h2>\n

Meanwhile, Nigeria's young, tech-savvy population has shown\u00a0keen interest in cryptocurrencies despite the government's recent stance<\/a>.<\/p>\n

Victor Asemota, a prominent tech entrepreneur in Nigeria, highlighted the nation's reliance on cryptocurrencies for cross-border transactions, citing a lack of alternative reliable channels.<\/p>\n

Asemota added<\/a>:<\/p>\n

“You can\u2019t kill crypto, it will just become more hidden and more sinister. What is within the control of government is to make other channels more efficient. Crypto is not easy to use but it becomes easier when there are no choices. Provide easier choices and people will use them.”<\/p><\/blockquote>\n

 <\/p>\n

**Editor's Note** Updated to include information about Binance executives' detainment and details about P2P markets and the open market exchange rate.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Binance has removed Nigeria’s fiat currency, Naira, from the national currencies it supports on its peer-to-peer platform, according to CryptoSlate sources. Meanwhile, the Financial Times reported that two Binance executives have been detained in the country, with their passports seized. The Binance employees had traveled to Nigeria to resolve the country’s ban on […]<\/p>\n","protected":false},"author":720,"featured_media":400924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968,11],"tags":[76820],"post_folder":[],"acf":[],"yoast_head":"\nBinance drops Nigerian naira from P2P platform amid forex manipulation concerns<\/title>\n<meta name=\"description\" content=\"Central Bank Governor Olayemi Cardoso said $26 billion flowed through Binance Nigeria from untraceable sources last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance drops Nigerian naira from P2P platform amid forex manipulation concerns\" \/>\n<meta property=\"og:description\" content=\"Central Bank Governor Olayemi Cardoso said $26 billion flowed through Binance Nigeria from untraceable sources last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-28T18:47:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-01T16:29:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/02\/binance-nigeria-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-drops-nigerian-naira-from-p2p-platform-amid-forex-manipulation-concerns\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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