“There's a syndicate within Nigeria that was leveraging arbitrage in a heavy and hurtful manner to the naira." - Ray Youssef
- Binance has been on the receiving end of Nigeria’s onslaught against crypto, from blocking its websites to arresting its employees.
- There is a syndicate within Nigeria that leverages arbitrage to manipulate the naira, buying it for cheap and selling it for a profit in the black market.
- Ray Youssef believes that Binance could have avoided the current ordeal if it had put measures in place to prevent bad actors from using its P2P feature to hurt the naira.
The article highlights the ongoing conflict between Nigeria, Binance, and the crypto ecosystem. It reveals the existence of a syndicate in Nigeria that manipulates the naira through arbitrage. While Binance is blamed for not preventing bad actors from using its P2P feature, it is important to consider the potential impact of regulatory measures on the growth and innovation of the crypto industry.
