Binance delists naira from P2P market day after arrest of staff

A popular cryptocurrency trading platform, Binance, Wednesday, removed the Nigerian currency, Naira from its peer-to-peer feature.

The feature, known as the P2P market, allows users, buyers, and sellers to transact without the intervention of a third party. 

It became widely known among Nigerians in 2021 after former president Muhammadu Buhari’s administration banned crypto trading in the country. 

Many Nigerian users can no longer enjoy the feature because of the removal of their currency. 

The removal of Naira by Binance from its P2P market came amid claims by Nigerian authorities that the platform contributed to the devaluation of Naira.

A Special Adviser to President Bola Tinubu on Information & Strategy, Bayo Onanuga on Wednesday said if not stopped, Binance would destroy the Nigerian economy because of the way it arbitrarily fixes foreign exchange rates. 

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