Binance, a peer-to-peer exchange revealed its preparedness to work with Nigerian authority. It has capped the selling price of cryptocurrency stablecoin, Tether, on it platform as a result.
On Wednesday, Binance revealed in a blog post on its website that its P-2-P platform is market-driven and not for currency pricing in Nigeria.
It said, “Binance provides a P2P marketplace, not as a price discovery platform. To be clear: it is market-driven and is not intended to be a proxy for currency pricing in Nigeria.
“To protect users, and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement.
“Late last night, we observed a temporary suppression of prices that briefly reached our system limit. We quickly made the necessary adjustments to allow trading to continue.”
“Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit,” it added.
However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets.
“We remain dedicated to providing market-driven, fraud-free, and manipulation-free products for users. We take our responsibility to protect users and their confidential data very seriously.
