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The global crypto market cap is $1.17 trillion with a 24-hour volume of $25.71 billion. The price of Bitcoin is $29,386.95 and BTC market dominance is 48.7%. The price of Ethereum is $1,848.47 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Travel, which gained 16%.
The ABCON President said Binance was the most liquid market, and contributing the struggles of the local currency.
Cover art/illustration via CryptoSlate
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government to prohibit the operations of Binance because it was exacerbating the strain on the Naira, according to local media outlet The Cable.
ABCON President Alhaji Aminu Gwadebe stated that the exchange was becoming the anchorage point for the country’s official and parallel market for U.S. Dollars. Gwadebe highlighted Binance’s role in exerting more pressure on the currency, saying the exchange was the most liquid market.
“As I speak, Binance is the most liquid market. They do 1.2 million transactions per second. So it’s a very liquid market but that is not a scary status, we can break it through our local content and peculiarities.”
“We have to do something that can stop Binance. It’s a competition; we need to ban Binance and the only way to do so is if we have liquidity.”
Binance did not respond to CryptoSlate’s request for comment as of press time.
In June, the Nigerian Central Bank moved to unify all forex exchange (FX) market segments, ending its strict control of the local currency.
However, the move has not eased up the pressure on Naira, as the currency devalued to more than 900 Naira to $1 on the parallel markets. In comparison, according to the apex bank website data, it traded for around 768 Naira on the official market.
Binance is one of the most popular crypto platforms in the African country. Through its peer-to-peer services, the exchange could circumvent the 2021 ban imposed by the Nigerian Central Bank on crypto trading activities.
The firm’s dominance in the region was further cemented after FTX collapsed last November. However, the Nigerian authorities have warned citizens that the exchange’s operations were illegal within the country.
According to data on the platform, Binance’s USDT/Naira trading pair was more than $660,000 in the last 24 hours.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
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