The price cap blocked accounts of traders attempting to sell above it, leading traders to other exchanges to trade freely without restrictions.
Binance has set a limit on the selling price of Tether (USDT) tokens on its peer-to-peer (P2P) platform to ensure compliance with local authorities in Nigeria. Traders on Binance cannot currently sell USDT above a 1,802 naira per USDT cap.
The crypto exchange told its Nigerian users it is committed to working hand in hand with local authorities, lawmakers and regulators to ensure it acts on users’ noncompliance with the price cap. Binance P2P allows users to buy and sell crypto for fiat currency directly with other users.
The price cap blocked accounts of traders attempting to sell above it, leading traders to other exchanges to trade freely without restrictions.
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