Nigerian Bureaux De Change association pushes for Binance ban to stabilize naira.
Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria to prohibit the activities of Binance within the nation.
ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change . This action comes in response to the association reportedlyBinance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos.
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market, highlighting that the platform records remarkable liquidity, with 1.2 million transactions occurring every second. He remarked that this stands as a competitive challenge, of which the solution lies in prohibiting Binance, and the sole strategy to achieve this is by bolstering liquidity.
The Nigerian Securities and Exchange Commission cautioned domestic investors about engaging with the cryptocurrency exchange Binance on July 28. This advisory referenced a prior circular that had been
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