The cryptocurrency trading platform Binance has made adjustments to its trading operations to address an unusual movement in currency values. Despite reports suggesting that the Central Bank of Nigeria (CBN) and other government agencies ordered Binance to impose restrictions on Nigerian traders selling USDT, Binance has distanced itself from such claims. In a report published on Wednesday by the Binance Blog, the platform clarified that its peer-to-peer (P2P) product remains operational but with some adjustments.
Binance explained that to safeguard users and prevent potential abuse, their system automatically halts trading during periods of significant currency movement. They noted an instance of temporary suppression of prices that briefly reached their system limit late at night. Prompt adjustments were made to allow trading to continue seamlessly. The platform highlighted their stringent measures to protect users, such as real-time monitoring, immediate removal of non-compliant advertisements, and permanent exclusion of bad actors from utilizing the P2P product. Continuous market surveillance ensures the swift removal of abnormal prices, supported by a fixed security deposit.
Furthermore, Binance emphasized their collaboration with legislators and authorities to uphold transparency in cryptocurrency trading and its impact on financial markets. They underscored that foreign exchange rates are influenced by various complex factors beyond Binance’s control. Despite this, they reiterated their commitment to engaging with regulators, policymakers, and stakeholders to facilitate open and transparent dialogue about managing the evolving cryptocurrency and financial markets landscape.
Binance encouraged users and the community to disregard any unfounded fears or uncertainties and expressed gratitude for ongoing support as they navigate dynamic market conditions. They pledged to provide updates through official channels as necessary.
