"Comot Your Money for Binance": Man Names Some Other Good P2P Platforms for Nigerians

"Comot Your Money for Binance": Man Names Some Other Good P2P Platforms for Nigerians

  • Following the federal government's clampdown on crypto trading, a crypto trader has warned Nigerians to stop trading their digital assets on Binance
  • According to the young man, the leading cryptocurrency exchange platform has proven to be unreliable
  • He went on to share two alternative platforms, saying Nigerians should move their digital assets there and trade P2P

A crypto trader, @emperoryrn, has raised an alarm, warning Nigerians to remove all their digital assets from Binance.

@emperoryrn's comes as the federal government mulls blocking and fining Binance over manipulation of forex rate

Reactions as crypto trader warns against trading on Binance, shares 2 alternative platforms
He said Binance Nigeria was no longer reliable. Photo Credit: Anadolu, TikTok/@emperoryrn
Source: Getty Images

@emperoryrn says Binance is unreliable

In a TikTok video, @emperoryrn stated that the naira has been removed from the Binance platform, meaning traders can no longer sell their cryptos via P2P. In his words:

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"...The naira has officially been removed from the Binance P2P market. This means you can no longer sell your USDT or BTC via P2P on the Binance app because them don remove the naira comot for the Binance app entirely..."

While maintaining that people's funds are still safe on the Binance platform, he said there was no need to continue to trade with the platform as they have now proven unreliable.

@emperoryrn offers 2 P2P trading alternatives

The young man said there are other reliable cryptocurrency exchange platforms for P2P trading. He advised Nigerians to move their digital assets to Bybit and Kucoin platforms.

CoinDCX defined P2P, peer-to-peer trading, as a decentralised method that allows individuals to buy and sell digital assets directly with one another.

Ajuwon Aanuoluwapo, an expert trader, who spoke with Legit.ng, wondered what exactly would make the naira strong against the US dollar and blamed the fall of the naira for people panic-selling dollars.

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"Whenever there's a government policy, there's always a retracement, but the dump doesn't happen for long.
"Also, the naira has been depreciating against the dollar for years. Normally, the government should have total control of FX but everybody got involved more with platforms like Binance. We don't know how effective the latest govt measure would be.
"No light, there's nothing, what exactly would make the naira strong? The temporary spikes/drops on naira/dollar are connected with people panic-selling whenever any measures came out in the past."

Watch the video below:

Binance's issue with FG stirs reactions

farooqlae said:

"Bold of you to think they're not coming for bybit, kucoin or any other exchange."

Elio said:

"Una too dey talk abeg. Until dem come for Bybit and KuCoin too."

Maurice_14 said:

"U can still sale ngn in binance I did it yesterday, shortcut dey."

y'all meet DEEN said:

"Bro no be Binance fault if dem no comply dem go ban dem."

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BLACK said:

"Not only Binance, I have received mail from different platforms."

king said:

"This is the best move ever! They shouldn’t stop at Binance they should focus on other platforms. Rate will get to 900 levels by next week.
"If Binance opens with $1700. Willing sellers will quote $1700 by 10 am. Aboki on the street will tell you it’s Binance. Lolz. It’s a smart move by gov."

Binance issues warning to Nigerian users

Meanwhile, Legit.ng previously reported that Binance had issued a warning to its Nigerian users after the federal government threatened to block the platform over FX manipulations.

The company also said it was working hand in hand with local authorities, lawmakers, and regulators to ensure it acts on non-compliance.

The platform stressed its shared goal of protecting users while promoting innovations. It also reassured users of its continued strict security protocol regardless of the products or services used on the Binance app.

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Source: Legit.ng

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