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Nigeria to introduce new crypto laws & ban P2P crypto trading

Nigeria to introduce new crypto laws & ban P2P crypto trading 2

Reportedly the Nigerian authorities decided to impose a ban against all kinds of P2P crypto trading activities.

Nigeria has seen a surge in cryptocurrency adoption, especially among the youth, due to factors like economic instability, limited access to traditional banking, and a tech-savvy population. However, the government’s stance on crypto has been mixed, with regulatory uncertainty and occasional crackdowns causing fluctuations in the crypto market.

On 6 May 2024, The Nigerian Securities and Exchange Commission Director General Emomotimi Agama stated that they planned to roll out a set of rules & laws to cover the crypto exchanges, digital asset custodians and other corners of the crypto sector.

Agama said that their first step in this matter is to delist the country’s sovereign fiat currency Naira from the crypto trading platforms, in order to prohibit the level of price manipulation.

The Nigerian SEC official clearly said that “Manipulations and all forms of activities that undermine our national interest would not be acceptable”.

The Nigerian authorities, who arrested two Binance executives, said that they will ban the use of its fiat currency Naira for P2P cryptocurrency transactions and will introduce new regulations in the next few days, covering cryptocurrency trading platforms, digital asset…

— Wu Blockchain (@WuBlockchain) May 7, 2024

Just a couple of months ago, two Binance executives were arrested by the Nigerian authorities over charges of Naira price manipulation, money laundering, & tax evasion.

The Nigerian authorities alleged that the high volume of Naira trade on the Crypto exchanges degraded the actual value of the Naira. Over the last two months, the majority of Nigerian citizens have been using WhatsApp & Telegram-like messaging platforms to trade their cryptocurrencies with each other.
After the crypto trading service restriction on the Binance exchange in this country, crypto traders are failing to get the best crypto platform for crypto trading.

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