Kelvin Bowoto
Binance, a cryptocurrency trading platform, has adjusted trading on its platform to accommodate an unusual currency movement while also distancing itself from Nigeria’s forex fiasco. Recall that there are unsubstantiated rumors alleging that the Central Bank of Nigeria (CBN) and other government institutions directed Binance to limit Nigerian traders’ ability to sell USDT. Binance refuted such allegations in a blog released on Wednesday by the Binance Blog, while reiterating that its peer-to-peer (P2P) platform is still operational but with changes.
“To protect users and prevent misuse, our system will automatically suspend during periods of large currency volatility. Late last night, we observed a transient price suppression that briefly exceeded our system limit. We promptly made the necessary adjustments to allow trading to resume. “We have rigorous procedures in place to protect market users, including real-time monitoring, swift removal of non-compliant advertisements, and the permanent removal of bad actors from our P2P marketplace. Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit,” it stated.
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Binance noted that it is collaborating with legislators and regulators to maintain transparency in cryptocurrency trading and its impact on financial markets, emphasizing that foreign exchange prices remain unaffected by Binance.
“It is crucial to understand that foreign exchange prices are influenced by many complex factors beyond Binance’s control. We continue to actively engage with regulators, policymakers, and other key stakeholders to establish an open and transparent dialogue about managing the evolving landscape of cryptocurrencies and financial markets.
“Once again, we urge users and the community to dismiss any unfounded fears or uncertainties, and we appreciate their ongoing support as we navigate through volatile market conditions. We will continue to provide updates through our official channels as necessary,” it stated.
Techrectory with Agency Report.
