Securing Trust: Binance Affirms User Funds and Operational Integrity Amid Market Dynamics in Nigeria

Don’t believe the FUD. We would like to assure users that their funds are secure and our peer-to-peer (P2P) product remains operational. Binance provides a P2P marketplace, not as a price discovery platform. To be clear: it is market-driven and is not intended to be a proxy for currency pricing in Nigeria.

To protect users, and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement. 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. 

We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P product. Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit. 

It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on. However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets.  We remain dedicated to providing market-driven, fraud-free, and manipulation-free products for users. We take our responsibility to protect users and their confidential data very seriously.

Again, we encourage users and the community to disregard any unfounded fears or uncertainties and appreciate the ongoing support as we navigate the dynamic market conditions. We will continue to provide updates through our official channels, as necessary.