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Nigerian Regulatory Body Asks Government to Ban Binance

2 mins
Updated by Geraint Price
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In Brief

  • Nigerian regulator ABCON has urged the government to ban Binance, citing it as a threat to the the naira.
  • In contrast to ABCON's request, Nigeria is working to regulate crypto to align with global economic innovations.
  • As of 2023, nearly 6% of Nigerians own crypto; transactions using Nigeria’s central bank digital currency rose 63%.
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Nigerian regulator the Association of Bureaux de Change Operators of Nigeria (ABCON) has asked the government to ban Binance because it puts pressure on the naira.

Citizens of developing countries like Nigeria resort to cryptocurrency due to the chaos in the country’s central banking system. However, they now want to go a step further and to ban the world’s largest crypto exchange entirely.

Community Criticizes Nigeria Government

According to Peoples Gazette, ABCON President Aminu Gwadabe wants to push the government to ban Binance. He told the Gazette:

“If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate. So, we have to do something that can stop Binance.”

Crypto community members mocked the statement from the ABCON chief. A Twitter user wrote:

“Everyday you wake up and see different sets of mad people in offices in Nigeria.

ABCON is telling the Government to ban Binance in Nigeria like Binance is the cause of naira devaluation.

Blame everyone else except the Government you’re meant to hold accountable.”

In June 2023, Binance ordered a cease and desist order against an illegal entity exploiting its brand name through domain squatting. The development came after the Nigerian Securities and Exchange Commission (SEC) declared Binance Nigeria illegal.  

Click here to read about the 7 best Binance alternatives in 2023.

Crypto Developments in Nigeria

While ABCON seeks to ban Binance, Nigeria wants to regulate crypto to stay up to date with global economic innovations. It approved a national blockchain policy to boost its digital economy in May.

In 2023, transactions using Nigeria’s central bank digital currency (CBDC) increased by over 63% to 22 billion naira (~$47.7 million). And approximately 13 million users have signed up for e-wallets.

According to a Triple-A report, nearly 6% of the Nigerian population owns crypto as of May 2023.

Countries with the highest crypto ownership. Source: Triple-A report
Countries with the highest crypto ownership. Source: Triple-A report

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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