Binance Nigeria adopts USDT price cap to align with local rules
The price cap resulted in blocking accounts of traders attempting to sell above it, leading traders to other exchanges to trade freely without restrictions.
Binance Nigeria has set a limit on the selling price of USDT tokens on its P2P platform to ensure compliance with local authorities. Traders on Binance cannot currently sell the USDT token above a 1,802 naira per USDT cap.
The crypto exchange told its Nigerian users it is committed to working hand in hand with local authorities, lawmakers, and regulators to ensure it acts on users’ non-compliance with the price cap. Binance P2P is a peer-to-peer exchange that allows users to buy and sell crypto for fiat currency directly with other users.
The price cap resulted in the blocking of accounts of traders attempting to sell above it. As a result, these traders have shifted to other exchanges providing P2P options.
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