Binance Sets Limits on USDT Trading in Nigeria Amid Regulatory Cooperation

In a move to align with local regulatory requirements in Nigeria, Binance, the world’s largest cryptocurrency exchange, has implemented a price cap on Tether (USDT) tokens.

This decision comes as part of a broader effort to work closely with Nigerian authorities to ensure compliance with local laws and regulations.

According to a recent report, traders on Binance’s peer-to-peer (P2P) platform are now restricted from selling USDT above a 1,802 naira per USDT cap.

The exchange claims that this measure is necessary to prevent manipulation and protect users.

However, some traders have expressed dissatisfaction with the restrictions, prompting them to seek alternative platforms that offer more freedom in trading.

Despite the challenges posed by regulatory compliance, Binance remains committed to working with local authorities, legislators, and regulatory authorities to ensure compliance with regulatory requirements, while also providing a safe and secure trading environment for its users.

The decision by Binance to set limits on USDT trading in Nigeria highlights the exchange’s proactive approach to compliance and its commitment to promoting trust and transparency in the cryptocurrency market.