Binance Vows New Actions Against Manipulators In Nigeria

Binance has pledged to remove users of the trading platform in Nigeria “behaving in a manipulative way will be removed from the platform.’

The P2P trading platform made the response following pressure from Nigerian authorities acting to check the collapsing value of the local Naira which Abuja believes to be partly due to manipulations by users on the Binance platform.

However, responding to the development, Binance said, “As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’

Continuing, Binance said it was “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

GWG.ng reports that the move came after Binance on Tuesday disabled the sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform.

Binance also put a cap of $1,802 on the buy option for users in Nigeria.

That was besides disabling the purchase of cryptocurrencies via P2P for users in Nigeria, leaving those who might want to sell their crypto assets such as Bitcoin, BB, Ethereum via P2P stuck.

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