CBN Planning to Shut Down Cryptocurrency Websites and Apps – Report

A new report published today has revealed that the Central Bank of Nigeria is plotting to shut down all cryptocurrency websites in the country.

Although the CBN is yet to confirm the development, a source close to the matter told TechPoint Africa that the apex bank could use telecommunication companies to block access to cryptocurrency websites and apps in Nigeria.

This development comes after popular cryptocurrency platform, Binance suspended P2P activities yesterday, February 20, 2024.

In response, Binance released a statement saying it is “dedicated to providing a market-driven, fraud-free, and manipulation-free platform for users”, without giving a reason for suspending crypto activities on the platform.

However, in the evening of Wednesday, Binance resumed P2P trading of cryptocurrency on its platform.

Update: Binance has resumed P2P trading with 1 USDT trading at over ₦1,840.

— Techpoint Africa (@TechpointAfrica) February 21, 2024

And in a statement, Binance explained why it initially suspended trading, saying its system automatically pauses when there’s significant currency movement.

According to the company, this feature was put in place to prevent abuse of the system. It also revealed that there was a temporary suppression yesterday that reached its system limit and necessary adjustments needed to be made.

Due to the skyrocketing devaluation of the Naira on the foreign exchange market, a number of people have called for a crackdown on cryptocurrency trading, accusing crypto traders of manipulating the market for their selfish interests.