Nigeria’s Presidential Adviser Calls for Ban on Binance & Crypto Platforms

Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu, has urged for a ban on Binance, KuCoin, and other crypto trading platforms in the country. Onanuga took to social media to accuse these platforms of manipulating Nigeria’s fiat currency, the naira, which has contributed to its ongoing decline in the forex market. Speculations are rife that the government is considering such a ban.

In a post titled “The Naira-Dollar Manipulators,” Onanuga criticized Nigerians for trading on Binance, calling for swift action from the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to halt cryptocurrency exchanges in the country. He emphasized the need for a ban on crypto to prevent further devaluation of the national currency.

Binance Responds to Allegations

Binance, under regulatory scrutiny in multiple countries, distanced itself from Nigeria’s forex crisis, stating that its platform operates on market principles and does not influence currency pricing. Despite reports of Nigerians facing difficulties accessing various crypto exchange websites, including Binance, the platform reassured users that its app remains functional.

Following speculation of a potential government ban, Binance imposed limits on the selling price of Tether tokens on its peer-to-peer platform. Traders found themselves unable to sell USDT above 1,802 naira per USDT. However, Binance clarified that this restriction was due to an automatic system pause, alleviating concerns within the local crypto community.