After the Central Bank of Nigeria (CBN) instructed to close bank accounts, cryptocurrency traders have begun offline operations outside of approved trading platforms.
Cryptopreacher Blockchain Academy of founder and principal Rume Ophi stated yesterday that commercial banks have already
CBN instructed Direct Deposit Bank (DMB), other financial institutions (OFI) and non-bank financial institutions (NBFI) on Friday to close local financial institutions Belongs to the CBN account and notified the cryptocurrency trader. Cryptocurrency operators.
She said that after closing the account, traders were trading outside the exchange platform because they could no longer make payments through channels connected to the financial system.
“The bank has sent us a message that Bitcoin payments will no longer be processed. I have funds on my platform. I don’t plan to change it to naira anytime soon. I will spend a long time on the funds I know that from now to the next ten years, the naira will continue to depreciate. He said:
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Ophi said that cryptocurrency traders met with securities trading in January The committee (the U.S. Securities and Exchange Commission (SEC) has information on how to regulate its operations, but will only be hit by CBN suppression.
“I think the government has not yet seen reality in the world today. This is technology, and you cannot fight it. Agree. Technology has its downsides and they should be advised appropriately. The SEC treats cryptocurrency as a financial instrument. I was a member of the committee that met with the SEC a month ago to study how to make regulations. We hardly knew that CBN would come and We put pressure on.” He said.
She said that the steps taken by CBN will make it difficult for cryptocurrency investors to enter Nigeria, and that foreign investors will no longer place cryptocurrency trading platforms in the country. In addition, those who already have transactions in Nigeria Platform transactions will also be affected.
“We can no longer use our platform or use third-party platforms such as Paystack or Flutterwave to process withdrawals and deposits. However, even if offline, transactions will continue. She said: “For new entrants For people in this industry, it’s not easy, and it may not be possible to recruit new people.”
Continuing, Ophi said: “One of my clients asks for $400. He will send me Naira equivalent to $400. I will Send him Bitcoin. But before, the transaction would be done through the trading platform and payment through the bank.
“Besides, before that, the customer only had to load the Naira card into his card and then pay through the platform. Now transactions will take place outside of the trading platform. This is the situation before the platform entered the country. Payment platforms have benefited many young people. New entrants believe that when they use banks to make payments, their money is safe, but in The CBN ban will no longer happen.”
At the same time, Binance, one of the largest cryptocurrency exchanges by market capitalization, has removed naira from the trading pair.
In a statement posted on its website, Binance advised users to transfer it. Peer-to-peer wallet transactions.
” Binance will remove and stop trading on the following trading pairs: BNB /NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK, 2021-02-09 12:00 PM (UTC) /NGN, LTC/NGN, TRX/NGN, XRP/NGN.
Continue to say that NGN is legal tender and does not represent any other digital currency, and added that cryptocurrency transactions will bear higher market risks.
“Please proceed with caution Trading. Binance will do its best to select high-quality coins, but will not be responsible for your trading losses.
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