Abdulkadir Abbas, Director at the Security and Exchange Commission, has stated that the operations of Binance negatively impacted Nigeria's financial system.
he disclosed Binance operate in Nigeria illegally and even its mode of operation does not align with the normal currency trading route put in place by Nigerian regulators.
Again Binance was not registered in Nigeria and made public solicitation without authorisation, it's operates a naira peer-to-peer (P2P) in exchange for crypto assets.
So the naira P2P being used in the transaction does not align with the normal trading route since the Central Bank of Nigeria had banned banks from offering certain settlement platforms for crypto exchange.
With all these , the naira P2P deployed by Binance and with the large number of Nigerian users, who took up thist model adversely affected the official exchange rate and the financial system of the economy.
he disclosed Binance operate in Nigeria illegally and even its mode of operation does not align with the normal currency trading route put in place by Nigerian regulators.
Again Binance was not registered in Nigeria and made public solicitation without authorisation, it's operates a naira peer-to-peer (P2P) in exchange for crypto assets.
So the naira P2P being used in the transaction does not align with the normal trading route since the Central Bank of Nigeria had banned banks from offering certain settlement platforms for crypto exchange.
With all these , the naira P2P deployed by Binance and with the large number of Nigerian users, who took up thist model adversely affected the official exchange rate and the financial system of the economy.
