According to a recent report, a number of cryptocurrency businesses in Nigeria—including Binance—are stopping to buy USDT and USDC stablecoins using Naira.

A witness at the conference told a local magazine, “There was a meeting of crypto founders on Tuesday [February 27 2024] morning, and a number of them agreed to suspend the trades on their platform.”

The report also states that at least two bitcoin exchanges have notified their Nigerian clientele of this recent development.

“We are stopping the purchase and sale of USDT and USDC in exchange for Naira. This implies that you are unable to purchase or sell USDT or USDC using Naira,” a customer notice from one exchange stated.

The Central Bank of Nigeria (CBN) is reviewing this decision in light of previous service failures that were attributed to government agency intervention.

More regulatory scrutiny is being applied to Binance and other exchanges because authorities think cryptocurrency platforms encourage speculation and possible exchange rate manipulation. Users have been having trouble visiting the websites of cryptocurrency exchanges including Coinbase, Quidax, and Binance during the last week.

Nigeria’s foreign exchange (FX) markets have experienced increased volatility, which has led to a variety of governmental reactions. ‘$26 billion has flowed through Binance Nigeria from sources and users we cannot identify,’ claimed Central Bank Governor Olayemi Cardoso.

A other study said that the “113.1% devaluation of the Naira against USDT” that has occurred since February 2023 is largely attributable to speculative trading on the peer-to-peer Binance platform.

Although unconfirmed, the revelation by a coalition dubbed the Digital Currency Coalition sheds light on why Binance and other cryptocurrency companies would be subject to yet another round of attacks following the repeal of the 2021 crypto ban.

In a setting that is growing more hostile, company representatives are not taking any extraordinary actions.

A local news site was informed by an anonymous Binance employee that “the office asked us not to wear Binance t-shirts and caps and to not attend Binance-related events for now.”

An early-stage cryptocurrency investor in the nation told the publication, “It is exactly as it was during the ENDSARS protests in 2020.” He also mentioned that he had gotten advice from peers not to draw attention from police enforcement.