Nigerian Crypto Platforms Halt USDT and USDC Trades Amid CBN Scrutiny 🇳🇬 ₿

Nigerian Crypto Platforms Halt USDT and USDC Trades Amid CBN Scrutiny 🇳🇬 ₿

#finance
#crypto
#government
#finance
#blockchain
#legal
Amid renewed scrutiny from the Central Bank of Nigeria (CBN), several Nigerian crypto platforms are suspending the purchase and sale of USDT and USDC stablecoins with Naira. The move comes after CBN Governor Olayemi Cardoso claimed that $26 billion had passed through Binance Nigeria from unidentified sources. Crypto exchanges face increasing regulatory challenges, triggering cautious responses and even arrests, echoing concerns reminiscent of past regulatory uncertainties.

A number of crypto exchanges in Nigeria have decided to suspend the trading of USDT and USDC with Naira following heightened scrutiny from the Central Bank of Nigeria (CBN). This move, prompted by concerns about unidentified sources moving significant funds, underscores the increasing regulatory challenges faced by crypto platforms. Users and industry insiders express caution and cite similarities to previous instances of regulatory uncertainties, leading to a suspension of specific crypto-related activities.


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