Binance Drops Naira From P2P Portal

Amid President Bola Tinubu’s government’s clampdown on cryptocurrency to save the battered naira, the world’s biggest cryptocurrency trading platform, Binance, has disabled its peer-to-peer function for Nigerian users.

Peer-to-peer function, popularly known as P2P, allows users, buyers and sellers to trade without third-party interference.

It allowed Nigerian users to trade when former President Muhammadu Buhari banned cryptocurrency in 2021.

With the disabling of the P2P function for Nigerian users, Nigerians might no longer trade on Binance.

People Gazette also noticed that the Nigerian currency was unavailable on Binance on Wednesday.

These follow Olayemi Cardoso, Central Bank of Nigeria governor, saying over $26 billion passed through Binance in the past year on Tuesday at the Monetary Policy Committee (MPC) meeting in Abuja.

Last week, Binance confirmed it was working with Tinubu-led to block dollar-naira trading on the platform.

The cryptocurrency platform also confirmed that its website had been blocked, noting that its app was still functioning for users to access the platform.

In the past week, federal authorities clamped down on cryptocurrency platforms while raiding bureaux de change nationwide to stabilise the free-falling naira.