Ethiopian Birr Transactions Suspended by Multiple Crypto Exchanges

Two major cryptocurrency exchanges, OKX and Bitget, have announced the suspension of transactions in the Ethiopian Birr (ETB) on their P2P platforms. The decision follows regulatory pressure from the Bank of Ethiopia, which prohibited ETB-paired P2P transactions two months ago due to concerns over fraud, AML/CFT safeguards, and foreign exchange price manipulation.

The suspension affects several trading pairs, including USDT/ETB, ETH/ETB, BTC/ETB, and USDC/ETB. Existing ETB deposits on the P2P platforms will be taken offline, pending orders will remain until completion or cancellation, and users will no longer be able to post new ETB ads.

Similar concerns have been raised by regulators in other countries, including Nigeria, where Binance faced a $81.5 billion lawsuit for allegedly contributing to the country's currency challenges due to price discovery on P2P platforms. The Bank of Ethiopia's move is aimed at ensuring market stability and protecting investors from potential risks associated with ETB-paired transactions.