Binance is reportedly engaging with the National Bank of Ethiopia following the exchange’s decision to suspend Ethiopian Birr (ETB) peer-to-peer (P2P) trading.
The development, first reported by Shega Media on May 8, 2026, has sparked fresh conversations around crypto regulation, foreign exchange markets, and stablecoin adoption across Africa.
According to the report, Larry Cooke, Binance’s Africa legal head, held discussions with Ethiopian regulators after Binance announced plans to discontinue ETB-denominated P2P trading beginning May 15, 2026.
Why Binance Suspended ETB P2P Trading
The Binance Ethiopia P2P suspension comes amid increasing scrutiny from Ethiopian authorities over the role crypto markets may be playing in the country’s foreign exchange ecosystem.
Reports suggest regulators are concerned that crypto P2P platforms are becoming informal pricing references for the Ethiopian Birr, particularly within parallel foreign exchange markets.
During the discussions, Cooke reportedly stated that the parallel FX market existed before Binance entered Ethiopia, arguing that regulated crypto platforms offer greater transparency and compliance oversight than informal OTC channels operating through private networks and messaging platforms.
Ethiopia’s Growing Crypto Regulation Concerns
The Binance Ethiopia P2P suspension reflects a wider trend across Africa, where governments and central banks are reassessing how cryptocurrencies interact with local financial systems.
African regulators continue to express concerns about the following:
- capital flight,
- anti-money laundering compliance,
- currency volatility,
- and the increasing use of dollar-backed stablecoins.
At the same time, crypto adoption across Africa continues to rise as users seek the following:
- faster cross-border payments,
- protection against inflation,
- access to digital dollars,
- and alternative financial infrastructure.
People also read: Rwanda Moves To Legalize Crypto By Passing Major Virtual Asset Bill
What This Means for Africa’s Crypto Market
The discussions between Binance and Ethiopia’s central bank could become an important case study for crypto regulation in Africa.
Countries including Nigeria, Kenya, and Rwanda are already exploring new regulatory frameworks surrounding digital assets and stablecoins.
As African crypto markets mature, regulators are increasingly trying to balance innovation, financial inclusion, and monetary control.
The Binance Ethiopia P2P suspension may ultimately signal a broader shift in how African governments engage with global crypto platforms operating within emerging economies.
