Mikkel Rosenvold
8 weeks ago

Nigeria in war with Binance

Nigeria has declared war on crypto currency - including the major exchange Binance
Binance mobile app on running on smartphone.
Grey82 / Shutterstock.com

Africa's most populous country, Nigeria, has initiated a massive crackdown on crypto currency, including detaining two local Binance officials, writes Reuters.

The crypto community has responded by simply moving their trading elsewhere, but the Nigerian government seems hell-bent on clamping down on crypto trading, which it views as a major threat to it's currency policies.

The crypto crackdown is the latest in a series of initiatives by the Nigerian government to stabilize the value of its Naira currency. Nigeria also carried out two devaluations over the past 12 months and this has led to uncertainty and decreased purchasing power across Nigeria, worsened by a dire lack of US Dollar available in Nigeria.

As a consequence, Nigeria is now plagued by widespread food looting across the country as the population is having a hard time paying for food supplies and the management of food supply has been under heavy criticism.

Binance is a leading global cryptocurrency exchange founded by Changpeng Zhao (often referred to as CZ) in July 2017. Initially headquartered in China, the company moved its servers and headquarters out of China ahead of the Chinese government's crackdown on cryptocurrency trading in September 2017.

Binance has grown rapidly to become one of the largest exchanges in the world by trading volume. It offers a platform for trading more than 500 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and its own native cryptocurrency, Binance Coin (BNB).

The company's rapid expansion and innovation have solidified its position as a pivotal entity in the crypto industry, attracting users worldwide with its comprehensive ecosystem of financial products and services.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

3 days ago Europe Market Open: May 17, 2024 - European Stocks Start Lower Daily update from the European market open.
3 days ago Will Europe cut rates before US? Analyst Ulrik Simmelholt from Steno Research argues that the ECB should initiate rate cuts without fearing wider real rates spread with the USD, emphasizing the importance of commodity prices and energy dependencies over monetary policy in determining Euro strength.
3 days ago Crypto, Currently: May 17, 2024 - Mixed Signals in the Crypto Market Daily update the cryptocoin market.
3 days ago FX Daily: May 17, 2024 - Key Currency Movements and Analysis Daily update from the foreign exchange markets
4 days ago China Exporting Inflation Again: Global Markets on Alert Analyst Andreas Steno from Steno Research warns that China's rising industrial production and strategic resource stockpiling could trigger global inflationary pressures and impact market dynamics.
4 days ago EU Designates Booking as Gatekeeper; Opens Investigation Into X EU cracks down on Booking under Digital Markets Act, investigates other tech giants.
4 days ago Freddie Mac Proposes Unleashing Trillions to Stimulate US Consumption As U.S. excess savings diminish, Freddie Mac's new proposal might unlock vast consumer potential—could this be the spark for the next economic boom?