Cryptocurrency Q&A
Why is P2P banned?
Why is P2P banned?
Bianca
Tue Sep 03 2024
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5 answers
1117
Could you please elaborate on the reasons behind the ban on peer-to-peer (P2P) transactions in the cryptocurrency space? Are there specific concerns related to security, privacy, or regulatory compliance that have led to this decision? Is it a temporary measure or a permanent ban, and what implications does it have for users and the industry as a whole? Understanding the motivations behind the ban would help us better grasp its implications and potential consequences.
5 answers
StormGalaxy
Thu Sep 05 2024
This revelation underscores the scale of unregulated activity taking place within the cryptocurrency market and the challenges it poses to financial stability and regulatory oversight.
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CoinPrince
Thu Sep 05 2024
The rationale behind the ban on peer-to-peer (p2p) trading of cryptocurrencies stems from the Central Bank's concern that traders utilize this method to manipulate the value of the naira.
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CryptoGuru
Thu Sep 05 2024
Specifically, the Bank believes that traders engage in pump-and-dump strategies, artificially inflating prices and then swiftly selling their holdings, causing volatility and potentially destabilizing the currency.
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Valentina
Thu Sep 05 2024
In February 2024, the Governor of the Central Bank, Olayemi Cardoso, drew attention to the issue by estimating that Binance, a prominent cryptocurrency exchange, had facilitated $26 billion worth of untraceable transactions.
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Valeria
Wed Sep 04 2024
Amidst this backdrop, it is worth noting that reputable exchanges like BTCC offer a range of services, including spot trading, futures, and wallet management, which are designed to operate within a framework of regulatory compliance.
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