Binance Disables P2P Function As CBN Grapples With FX Challenges

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Binance Disables P2P Function As CBN Grapples With FX Challenges
Binance

Amidst the Nigerian government’s efforts to regulate cryptocurrency in a bid to stabilize the national currency, Binance, the world’s largest cryptocurrency trading platform, has taken measures affecting its services for Nigerian users.

Binance has disabled its peer-to-peer (P2P) function, a feature allowing users to trade directly with each other without third-party involvement. This function had been utilized by Nigerian users following the cryptocurrency ban imposed by former President Muhammadu Buhari in 2021.

The disabling of the P2P function for Nigerian users could significantly impact their ability to trade on Binance, a platform widely used in the country. Additionally, the Nigerian currency is no longer available on Binance as at Wednesday.

These developments come in the wake of statements made by Olayemi Cardoso, the Governor of the Central Bank of Nigeria, during the Monetary Policy Committee (MPC) meeting in Abuja.

Cardoso highlighted that over $26 billion had flowed through Binance over the past year.

Last week, Binance confirmed its collaboration with the government led by President Bola Tinubu to halt dollar-naira trading on its platform. Furthermore, Binance acknowledged that its website had been blocked, although its app remained functional for users.

In recent times, federal authorities have intensified efforts to regulate cryptocurrency platforms, including raids on bureau de change outlets across the country.