Binance, the peer-to-peer exchange, has imposed a cap on the selling price of the cryptocurrency stablecoin Tether on its platform. Read full article
This decision comes alongside its announcement of readiness to collaborate with Nigerian authorities.
In a Wednesday blog post, Binance clarified that its P-2-P platform operates on market dynamics and does not dictate currency pricing in Nigeria.
The statement clarifies that Binance operates a P2P marketplace and not a price discovery platform in Nigeria.
It emphasizes that the platform is market-driven and not meant to serve as a currency pricing proxy.
Additionally, it mentions that the system automatically pauses during periods of significant currency movement to safeguard users and prevent abuse.
Last night, we noticed a temporary price suppression that briefly hit our system limit. We swiftly adjusted to ensure trading could resume.
We've implemented strict measures to safeguard users, including real-time monitoring, immediate removal of non-compliant ads, and permanent bans for bad actors from our P2P platform.
Continuous market surveillance and a fixed security deposit aid in promptly addressing abnormal prices.
Binance also stated its commitment to collaborating with regulatory authorities, emphasizing that foreign exchange rates are shaped by multifaceted factors beyond its control.
"We remain committed to actively engaging with regulators, policymakers, and other stakeholders to promote an open and transparent dialogue concerning the evolving landscape of cryptocurrency and financial markets.
"We are dedicated to delivering market-driven, fraud-free, and manipulation-free products for our users, and we take our responsibility to safeguard user data seriously.