Crypto Threatened in Nigeria? Platform Stops USDT & USDC Purchases

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Bittime - The Nigerian crypto world is in a state of tension following the move by a number of leading crypto platforms to stop purchasing Tether ( USDT) and USD Coin (USDC) using Naira. This decision was taken not long after the Central Bank of Nigeria (CBN) again increased supervision of cryptocurrency activities in the country.

The CBN has previously expressed concerns regarding the potential use of crypto platforms for speculative activities that could affect the stability of the Naira exchange rate. This intensification of surveillance sparked concern among crypto industry players, leading to a temporary suspension (halt) of USDT and USDC purchases with Naira.

"We stopped buying and selling USDT and USDC for Naira. This means you cannot buy or sell USDT or USDC with Naira," read a notice sent by one crypto platform to its customers.

This termination step has received various reactions. Some parties consider this step to be a reasonable step considering the high volatility of the crypto market and the potential use of crypto platforms for illegal activities. However, others are concerned about the negative impact on growth and innovation in Nigeria's crypto sector.

Also Read: USDT vs USDC: Which is Better?

Caution from Industry Players

Crypto industry players in Nigeria are now choosing to take careful steps in dealing with this situation. Several sources working in the crypto industry, who did not want to be named, revealed that they were on alert.

"The authorities asked us not to wear Binance t-shirts and hats and not attend Binance-related events for now," said a Binance employee who did not want to be named. He described an atmosphere of uncertainty and fear similar to last year when the Nigerian Securities and Exchange Commission (SEC) declared that Binance was operating illegally in the country.

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Wider Impact?

It is feared that this situation could have a wider impact on the Nigerian crypto industry. At least five prominent figures in the crypto space declined to comment for this story, citing concerns over strict regulation.

“This is exactly what happened during the EndSARS protests in 2020,” said an early-stage crypto investor in Nigeria. He added that he had received warnings from his colleagues to avoid actions that could attract the attention of law enforcement.

CBN and related parties have so far not provided an official statement regarding steps to stop purchasing USDT and USDC. However, this development indicates increased supervision and regulation of crypto activities in Nigeria, which of course needs to be scrutinized and responded wisely by industry players and regulators.

Also Read: Tether Denies UN Accusations Regarding USDT

Conclusion

The halt of USDT and USDC purchases by crypto platforms in Nigeria marks a new chapter in the relationship between regulation and the crypto industry in the country. On the one hand, this move reflects regulators' concerns about the potential risks posed by crypto. On the other hand, this raises concerns among industry players about the negative impact on growth and innovation.

It is too early to predict how this situation will develop. However, it is clear that all parties, including regulators, industry players and crypto users, need to sit down together to find a balanced and constructive solution. Open and transparent dialogue will be key to building a safe and sustainable crypto future in Nigeria.

Questions Still Hanging Out:

• What will be the next steps from CBN?
• How will crypto platforms adapt to increasingly stringent regulations?
• What is the long-term impact of this situation on the Nigerian crypto industry?

Only time will answer these questions. However, one thing that is certain is that the future of crypto in Nigeria will be determined by how all relevant parties can work together to build a safe, responsible and innovative ecosystem.

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How to Buy Tether (USDT) on Bittime

You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.