Recently Nigeria released a news about Ananya crypto exchange including Binance. Recently, the popular crypto exchange Binance and other digital asset trading platforms have been banned in the country. Especially in the country, local authorities have taken such measures to prevent manipulation and illegal transactions in the foreign exchange market. These popular exchanges are at risk of being banned in Nigeria as well as to prevent manipulation of the foreign exchange market and are considering alternatives. Recently this news was published by a local news agency in Nigeria who published this news citing Nigerian officials. They published a report on this.
A local news agency in Niger reported this news and in their report they noted that such measures were taken to maintain the strong position of Nigeria's fiat currency, the naira. In particular, authorities have claimed that criminals use crypto trading platforms to destabilize Nigeria's fat currency, the naira, and are often involved in criminal activities. And the decision was taken in response to growing concerns about such criminal acts, officials claimed in the report. Aside from the economic impact, authorities have expressed national security concerns. Because they think that criminals can get involved in various activities by using these exchanges. These exchanges are used by criminals to commit criminal activities, such as reports of criminal organizations using crypto platforms to pay ransoms.
For example, some countries are banning peer-to-peer transactions to prevent illegal transactions. For example, Hong Kong took such steps a few days ago to prevent illegal transactions in various sectors including terrorism financing, illegal transactions, and foreign exchange. However such development follows recent steps taken by Binance. which imposed a cap on the selling price of Tether (USDT) on its peer-to-peer platform in Nigeria. A report about this was published yesterday and the matters were announced in a blog announcement to Nigerian users. However, Binance has emphasized its commitment to cooperation with local authorities, Binance officials said. The exchange authority asserts that it is "working hand-in-hand with local authorities, legislators and regulators. It also claims that it is working hand-in-hand with local authorities, legislators and regulators to ensure that We work non-consensually.
Although we know that Nigeria is a crypto-bound country. This country is very supportive of digital currencies and they always use them as well. They always take steps to support crypto. However, the country has generally taken or is taking such measures to strengthen the position of its fiat currency, the naira, and to curb other illicit activities. The Office of the National Security Adviser and the Central Bank of Nigeria (CBN) have announced joint measures to effect economic stability. For that they will face a new challenge. And after joining forces to face such challenges comes the move of Binance. According to officials, the joint venture aims to increase oversight of local trading platforms in response to heightened volatility in local markets.
Because cryptos are online based and can be transacted securely and anonymously, they are chosen by many criminals to transact. Today there are many criminals who finance terrorism through it. Because of that many times criminals also complete peer to peer transactions. Various criminal activities are carried out especially through cross-border transactions. Also, money like remittances are often used by criminals to engage in criminal activities through hundi. So currently many countries prohibit such transactions. However, recently Nigeria has taken such steps to strengthen the position of its own fiat currency, the naira, and to prevent criminal transactions. However, if you want to know more about it, you can read this news.
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