Nigerian Presidential Aide Calls for Binance and KuCoin Ban to Protect Currency
A presidential aide to Nigeria’s Bola Ahmed Tinubu is urging a ban on cryptocurrency exchanges Binance and KuCoin. Bayo Onanuga, an adviser to the President on information and strategy, believes these platforms contribute to the depreciation of the Nigerian currency, the naira, in the forex market. Onanuga claims that Nigerian users on Binance manipulate the currency and act unpatriotically. He calls on the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to take action against these exchanges and ban crypto in the country.
Nigerian Presidential Aide Seeks Binance Ban
There are concerns among some individuals that Binance and other platforms facilitate illicit financial activities within Nigeria.
In a post on X, Onanuga accuses most Nigerian users on Binance of manipulating the currency and being unpatriotic. He urges the EFCC to swiftly intervene against these exchanges. Additionally, Onanuga calls for the CBN to sanction these platforms to protect Nigeria’s national currency from further decline.
Binance Responds
Binance responded to Onanuga’s claims by stating that its platform operates based on market dynamics and is not intended to influence currency pricing in Nigeria. The exchange also expressed its willingness to cooperate with local authorities and implemented measures such as capping the selling price of USDT stablecoin on its P2P market.
Nigerians Seek Other Alternatives
Some Nigerian crypto users reported difficulties accessing Binance and other exchanges. However, Binance assured its Nigerian users that its app remained accessible, with only its online exchange affected by the situation. Despite this setback, Nigerians turned to decentralized exchanges as an alternative due to concerns about censorship on centralized platforms.
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