Nigerian Regulator Calls for Ban on Binance Amid Currency Pressure
The Association of Bureaux de Change Operators of Nigeria (ABCON) has requested the government to ban Binance, the world’s largest cryptocurrency exchange, due to its impact on the country’s currency, the naira.
- ABCON President Aminu Gwadabe believes that Binance’s trading activity is exacerbating the devaluation of the naira, affecting both investors and exporters.
- However, members of the crypto community have criticized ABCON’s request, blaming the government’s mismanagement instead.
- In June 2023, Binance took legal action against an entity that was exploiting its brand through domain squatting.
- Meanwhile, Nigeria has been focusing on regulating cryptocurrencies and embracing blockchain technology to boost its digital economy.
- Transactions using Nigeria’s central bank digital currency (CBDC) have increased significantly, and millions of users have signed up for e-wallets.
Hot Take: While ABCON’s call for a ban on Binance may be misguided, it highlights the growing importance of cryptocurrencies in Nigeria and the need for effective regulation to protect investors and stabilize the country’s currency.
By
By
By