CBN allegedly plans to shut down all crypto websites in Nigeria

The CBN could be looking to block Nigerians from using crypto websites to combat the weakening of the naira.

 

While this is unconfirmed a source close to the matter said the apex bank could use telcos to block access to those websites and apps in Nigeria.

 

This is coming after crypto platform, Binance suspended P2P activities yesterday, February 20, 2024.  Users of the platform took to X to complain about the unavailability of USDT buy ads on the platform.

Only one person Selling dollars on binance at the moment. Everybody holding their dollars(USDT) like gold😂😂😂😂 pic.twitter.com/TRY0pBuQOT

— SUOAZ 🩺M.D🩺 (@SuoazOfficial) February 20, 2024

In response, Binance released a statement saying it is "dedicated to providing a market-driven, fraud-free, and manipulation-free platform for users," not giving a reason for Suspending crypto activities on the platform.

It, however, said it was working hand in hand with local authorities, lawmakers, and regulators to be compliant.

Interestingly, an X user, with username Brother Bernard, said the CBN, National Security Agency (NSA), and the  Economic and Financial Crimes Commission (EFCC) are working with Binance to set a cap for USDT traders.

 

The CBN, in conjunction with the NSA, EFCC and other govt parastatals allegedly ordered Binance to set a cap on traders selling USDT.

You can no longer sell your OWN tokens for above 1802/$.

This is why nobody had been able to buy tokens today.

I don’t know what they aim to… pic.twitter.com/KIvZdfelo7

— Brother Bernard (@MikaelCBernard) February 20, 2024

In another statement released today, February 21, 2024, Binance explained why it suspended P2P trading on the platform. It said its system automatically pauses when there's significant currency movement.

 

According to the company, this feature was put in place to prevent abuse of the system. It also revealed that there was a temporary suppression yesterday that reached its system limit and necessary adjustments needed to be made.

 

However, many consider this move by Binance as a collaboration with the CBN to control their trading, reducing their trust in the platform.

There have been a number of posts on X listing alternatives to Binance saying the platform cannot be trusted. 

Alternatives to Trade Crypto P2P in Nigeria
1. Noones @noonesapp
2. Onboard @OnboardWallet
3. Vircap @getvircap
4. Kucoin @kucoincom
5. Bybit @Bybit_Official

Note - Do not store your coins on this exchanges, only use them to convert your crypto to Fiat (Naira)

— Cryptonian (@timmyisagod) February 21, 2024