• Monday, April 15, 2024
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Binance paused Nigerian trades over price suppression

Binance paused Nigerian trades over price suppression

Binance has confirmed that it paused trading on its platform in Nigeria over price suppression .

It revealed this as reports that the crypto firm restricted trading on its platform made rounds last night.

While reassuring its customers of the safety of their funds, the firm in a statement on Wednesday said, “To protect users, and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement.

Read also: Binance to work with Tinubu-led govt to block dollar-naira exchange

“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.”

The firm noted that its continuous market surveillance ensures that it stops the prompt removal of abnormal prices on its platform.