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Nigerian Government Plans to Regulate Crypto Exchanges and Prohibit P2P Trading with Naira

The Big Whale

07 May 2024 — 1 min read

The Nigerian government is planning to implement new regulations that would prohibit peer-to-peer cryptocurrency exchanges using the national currency, the Nigerian naira. The country's Securities and Exchange Commission (SEC) is set to introduce a regulatory framework for crypto exchanges and custodians in the near future. The aim of these regulations is to remove the naira from P2P exchanges in order to safeguard it from manipulation. The decision comes after concerns were raised about the impact of crypto P2P traders on the exchange rate of the naira. In related news, the global cryptocurrency exchange Binance was recently banned in Nigeria, and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested in February 2024. Gambaryan is currently in custody and is scheduled to stand trial on May 17, facing charges of tax evasion, currency speculation, and money laundering. This is an ongoing story, and more details will be provided as they become available.

Sources :
- CoinTelegraph

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