Binance disables the naira feature on its P2P market; REASONS First, the government got a court warrant to hold the officials for a minimum of twelve days. In a press conference, President Bola Onanuga’s spokesperson claimed Binance was “blatantly” determining the 🇳🇬 exchange rate and taking over the CBN’s position as the entity that sets currency rates.

Telecom companies were directed by the NCC to restrict access to some of the biggest bitcoin exchanges globally, including Binance, Coinbase, and Kraken.

According to Nigeria’s top state officials, cryptocurrency companies enable money launderers and currency speculators to carry out illegal operations. Authorities think that a major factor in the naira’s decline is the “criminal activities” taking place on the platforms.

According to a report from Chainalysis, Nigeria continues to have the highest cryptocurrency usage in Africa and is among the most developed globally, with a 9% annual growth rate. This places Nigeria in third place out of only six countries that have seen consistent growth since 2021.

Nigeria has one of the youngest demographics in the world, with 43% of its current population under the age of 15, and one of the fastest-growing populations in Africa, with a current population of 223 million. A younger, tech-savvy population combined with declining smartphone costs is opening new avenues for cryptocurrency-related activities.#write2earn🌐💹 #Memecoins #bitcoinhalving