Nigerian Presidential Aide Calls for Ban on Binance

A presidential aide to Nigeria’s Bola Ahmed Tinubu has called for a ban on Binance and KuCoin to protect the nation’s weakening currency. 

Bayo Onanuga serves as an adviser to the President on information and strategy. He claimed these crypto exchanges were partly responsible for the naira’s continued depreciation and its downfall in the forex market.

Nigerian Presidential Aide Seeks Binance Ban

Some others believe that Binance and other platforms aid illicit financial activities within the country.

Onanuga, in a post on X, claimed most Nigerian users on Binance were manipulating the currency and were being unpatriotic. He went on to call on the country’s financial crimes watchdog, the Economic and Financial Crimes Commission (EFCC), to take swift action against these exchanges. 

In addition, Onanuga urged the Central Bank of Nigeria (CBN) to sanction these platforms as protective measures. He wrote, “The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country, or else this bleeding of our currency will continue unabated.”

In addition, Onanuga urged Nigeria to ban Binance due to its regulatory issues abroad and its influence on the naira’s pricing. Recall that Binance has faced difficulties in the US, the Netherlands, Greece, and other countries. 

However, responding to these claims, Binance clarified that its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.” The exchange also showed a willingness to cooperate with local authorities and capped the selling price of the USDT stablecoin on its P2P market. 

Nigerians Seek Other Alternatives

Some Nigerian crypto users said they were unable to access Binance and other exchanges on Wednesday, February 21. Binance, in an email sent to its Nigerian users, said its app remained accessible as the situation only affected its online exchange. The trading platform also assured users of the safety of their funds and its commitment to resolving the ongoing situation.

Nigerians turned to crypto and platforms like Binance in 2021 following the country’s cryptocurrency ban. However, some users consider decentralized exchanges a safer alternative because centralized platforms are prone to censorship. 


The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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