đïž Why is BINANCE having problems?
The executives of the cryptographic company had arrived in Nigeria following the GOVERNMENT BAN on several trading platforms, such as Binance, Coinbase and Kraken, according to a report by the Financial Times.
đ° During a briefing, after Nigeria's interest rate was increased to 22.75% according to statistics, Central Bank Governor YEMI CARDOSO pointed the finger at BINANCE and detailed suspicions of naira manipulation on trading platforms. Cryptocurrencies "In the last year alone, $26 billion has passed through (Binance Nigeria) from sources and users that have not yet been identified," Binance stated.
đ The details of the arrests highlight the growing tension between the Nigerian authorities and the Crypto Market, which has been shared in a refuge from the speculative panorama with the Naira.
đ In response to these events, Binance has chosen to (suspend trading of the Naira against the main Cryptocurrencies). This move is an immediate reaction by the exchange to the regulatory pressure it faces in Nigeria.
đš Risk warning: BINANCE is not a regulated financial entity. Binance products and services are operated outside of this country. Assets and digital units of value associated with the value of a fiat currency are not backed by the government or any financial institution and are not legal tender. Binance does not provide financial advice.
Carrying out transactions with this type of assets and digital units carries certain risks, all under the responsibility of whoever carries them out. Consult our conditions of Use and Risk Warning.
