Binance Implements USDT Price Limit to Comply with Regulations in Nigeria


The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.

Stay in the know on crypto by frequently visiting Crypto News Today

In order to maintain compliance with Nigerian local authorities, Binance has placed a cap on the price at which Tether tokens may be sold on its peer-to-peer (P2P) platform. Currently, traders on Binance are unable to sell USDT for more than a cap of 1,802 naira per USDT.

CryptoCaster Quick Check:

The cryptocurrency exchange assured its Nigerian users that it would collaborate closely with legislators, local authorities, and regulators to make sure that users who violate the price cap are taken seriously. Users can transact directly with other users to buy and sell cryptocurrency for fiat money using Binance P2P.

The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.

The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser in Nigeria launched a cooperative effort to address the problems affecting the nation’s economic stability and stop forex speculation.


The initiative emphasizes how speculators’ actions, both locally and abroad and through various channels, have contributed significantly to the depreciation of the naira, escalating inflation and creating economic instability in Nigeria.

Screenshot showing the price cap at 1,802 naira per USDT. Source: Binance

The naira significantly declined against the US dollar on the foreign exchange rate market after the Nigerian government unified the forex windows in the middle of 2023. It doubled from roughly 700 naira/$1 to a record high of over 1,500 naira/$1.

Screenshot showing a restricted P2P trader account. Source: Binance

The Nigerian Securities and Exchange Commission (SEC) advised local investors not to use Binance in July 2023. The organization maintained that the platform’s activities were unlawful and that it lacked a license to operate in the nation. It also served as a reminder to the general public of the high degree of risk and possible complete loss of investments.

Nigeria is now the largest peer-to-peer market globally, thanks to the Central Bank of Nigeria’s 2021 ban on institutions purchasing and selling cryptocurrencies. However, the prohibition on Nigerian banks facilitating cryptocurrency transactions was lifted in December 2023 by a circular sent to banks.

Many Nigerians who deal with foreign exchange find it difficult to use the traditional banking and Bureau de Change channels for their transactions. This is because P2P transfers are more appealing than cryptocurrency transactions because the costs associated with transferring foreign exchange within the banking system are much higher.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like