In a recent statement titled “Commitment to P2P Users in Nigeria”, the Binance platform announced its desire to combat manipulative and fraudulent behavior on its platform. In association with local authorities, legislators and regulators, Binance is committed to ensuring user compliance with applicable regulations.
The platform said: “As an industry leader, we work closely with local authorities to ensure user compliance. We are committed to providing a manipulation and fraud-free platform, ensuring user safety. In case of malicious behavior, users will be banned from the platform.”
In a bid to comply with regulations in Nigeria, Binance has decided to cap the sale price of Tether USDT tokens at ₦1,802. This new measure aims to limit questionable transactions and protect users against possible scams. Therefore, users of the platform can no longer sell USDT tokens beyond this cap.
Following this decision, some users find themselves stuck in their transactions, unable to sell their crypto assets such as Bitcoin, BNB or Ethereum via the P2P platform. This restriction has caused some traders to leave the platform to find other, more flexible trading options.
In conclusion, Binance asserts itself as a platform committed to the fight against fraud and manipulation, implementing strict measures to ensure the security and integrity of transactions. Users are thus encouraged to conform their transactions to the new regulations in force in Nigeria.