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Wednesday, April 24, 2024

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    Why Binance, OK, Kucoin And Other Crypto Companies Were Banned In Nigeria

    The Central Bank of Nigeria, in conjunction with Nigerian banks, sold $175 million at the floor of the official market yesterday.

    If the black market were to be a normal market that responds to the age-long demand and supply as we know it, this news would have been enough to move the needle by changing the price of $ in the black market.

    But what did we see?

    Speculators on Binance woke up yesterday morning, still high from the insane profit they made on Tuesday, and resumed their job of manipulating the market, as they have been doing on Binance since last year. Guess what happened next?

    The price of USD both on Binance and the black market moved from 1,880 the previous day to 1,980 to $1.

    Just like that

    No intense demand for USD or anything extraordinary happened, like Allens invading Nigeria to demand dollars, to justify this increment.

    As these boys are manipulating the market, the BDC guys are on the sidelines, waiting for them to finish with the manipulation so they can fix their rates.

    It took an extraordinary move by CBN to ban Binance for the price to crash.

    When I try to point out this dangerous game that these boys in Binance are playing, morons will accuse me that APC has paid me to defend them, but how do you justify this distortion of our currency by a group of boys whose intent is to get rich by all means at the expense of the rest of us?

    I can’t keep quiet and suffer in silence while a group of criminals who want to drive Lamborghini by all means this year makes me poor, and I will keep quiet.

    My parents did not give birth to a fool.

    For proper emphasis, I don’t support the banning of Binance, but if this is a temporary measure so as to restore sanity in the foreign exchange ecosystem,

    So be it.

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