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Nigeria intensifies its pressure on crypto assets. After removing business pairs in Naira and a ban on the peer-to-peer platform, Binance took a new step by blocking AirDrops for Nigerian users. This decision monitors the persistent tension between the cryptocurrency replacement platform and the Nigerian government.
Standoff between Binance and Nigerian government
The confrontation between Nigeria and Binance turns unexpectedly. The defendant of contributing to the rapid depreciation of the Naire and to bring billions of dollars in the country, the crypto platform face to face Requests for astronomical penalties. The amount reached $ 80 billion. It seems that the release of an employee of Binance calms tension. However, the new charges have revived hostility.
The limitation imposed binance is likely to reduce friction with the government. However, they directly affect Local traders with crypto who counted on AirDropy and generated income.
The investor of the Nigerian cryptocurrency testifies:
Imagine that you will be able to earn so much money in a country where most people live below the poverty line, and now remove this occasion. It’s frustrating.
A negative impact on the acceptance of a crypto in Nigeria
Nigeria is one of the countries where the acceptance of crypto-active strongest is. Recent binance restrictions could therefore brake the rise of the crypt market in the region. According to some professional analysts in Crypto, these measures could actually make more users to decentralized alternatives or less regulated platforms.
Despite repression, crypto remains a refuge for many Nigerians who faced uncontrollable inflation and unstable financial system. If binance continues to impose restrictions, it could take over other solutions such as Dex or competing platforms.
In any case, this new episode illustrates the growing complexity of crypto regulation in Nigeria. While the government is trying to regain control, traders and crypto investors are looking for alternatives. The situation between Binance and Nigeria shows how much the adoption of cryptocurrencies remains a highly political subject.
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My name is Ariela and I’m 31 years old. I have been in the area of writing a website for 7 years. I have discovered discovery and cryptocurrency for only a few years. But it is a universe that interests me a lot. And subjects treated in the platform allow me to learn more. In my free time, the singer also cultivates a great passion for music and reading (and animals!)
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.