Nigerian Association of Foreign Exchange Operators Urges Government to Ban Binance Activities in the Country

Odaily Planet Daily News The Nigerian Association of Foreign Exchange Operators (ABCON) urged the Nigerian federal government to ban Binance’s activities in the country. ABCON is a self-regulatory body that acts as an umbrella for all central bank-licensed foreign exchange exchanges (BDCs) in the country. The association felt that Binance was putting pressure on the naira, hence the action. ABCON chairman Alhaji Aminu Gwadebe offered the advice during an interview in Lagos on Aug. 8, local news agency Nairametrics reported. Gwadebe emphasized that Binance exchanges have increasingly become the central point of windows for investors and exporters, as well as parallel markets, stressing that the platform is extremely liquid, with 1.2 million transactions happening every second. He said that this is a competitive challenge, the solution lies in banning Binance, and the only strategy to achieve this goal is to enhance the liquidity of the country's fiat currency. (Cointelegraph) Prior to the news on July 31, the Nigerian securities regulator stated in a notice that all activities of Binance were not registered with the unit and were not regulated by it, so all crypto-related activities of Binance were illegal. The notice also ordered all crypto platform providers to stop soliciting Nigerian citizens.