Binance drops Nigerian naira from P2P platform amid forex manipulation concerns
Summary
Binance has removed Nigeria's Naira from its supported fiat currencies on its peer-to-peer platform. This decision comes amid regulatory concerns and the Nigerian government's restrictions on crypto firms. The Nigerian SEC declared Binance's operations illegal in 2023. The governor of Nigeria's Central Bank alleged that Binance Nigeria facilitated a $26 billion transfer from unidentified sources. Despite the government's stance, Nigeria's young population remains interested in cryptocurrencies for cross-border transactions.
