Binance faces calls for ban by Nigerian Bureau De Change association

Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market.

Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation.

ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos.

Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market, highlighting that the platform records remarkable liquidity, with 1.2 million transactions occurring every second. He remarked that this stands as a competitive challenge, of which the solution lies in prohibiting Binance, and the sole strategy to achieve this is by bolstering liquidity.

Image of Alhaji Aminu Gwadabe, the President of ABCON. Source: The Guardian

According to the report, the ABCON president noted a transition from a positive outlook to a negative one in the prevailing landscape of the Nigerian foreign exchange market. Gwadabe reportedly emphasized that the prevalence of pessimism in the market’s sentiment has the potential to induce a decrease in the confidence of citizens, a crucial element influencing currencies globally.

The Nigerian Securities and Exchange Commission (SEC) cautioned domestic investors about engaging with the cryptocurrency exchange Binance on July 28. This advisory referenced a prior circular that had been issued to address the activities of a deceitful entity unlawfully exploiting the Binance brand. In response, Binance issued a cease and desist notice to Binance Nigeria.

The regulatory agency reaffirmed that the platform lacks the necessary authorization to operate within the country and stressed that its operations are in violation of the law.

Related: Binance receives licenses to offer crypto services in El Salvador

Nigeria has adopted a vigilant approach to the cryptocurrency sector while concurrently advocating for its central bank digital currency (CBDC). In July, it upgraded the CBDC system with near-field communication technology, enhancing contactless payments.

Cointelegraph reached out to Binance for commentaries on the ABCON’s calls for a ban but is yet to get a response at the time of publication.

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