Binance has issued a statement announcing that it plans to discontinue all Nigerian Naira (NGN) services. The statement appears to come as a result of the ongoing crypto crackdown in Nigeria. Binance’s latest legal records in Nigeria are in line with this.
Binance is ending its services in Nigeria!
Crypto exchange Binance said on March 5 that it would discontinue all services related to Nigeria’s local fiat currency, Naira (NGN), in a phased approach this week. The crypto platform, led by Richard Teng, stated that its Nigerian users will not be able to enjoy various NGN-related services, including deposits, withdrawals, conversions, spot trading, P2P, Auto-investment and Binance Pay.
The exchange will immediately stop NGN deposits. However, users have until March 8 to withdraw their NGN assets. After the deadline, Binance plans to automatically convert the remaining NGN balance into USDT at a flat rate of 1 USDT for 1,515.13 USDT, the average closing price of the last seven days. Additionally, Binance will delist all NGN spot trading pairs by March 7. Additionally, it will automatically close all open trading positions. The exchange did not provide an official reason for its decision. Additionally, he did not make any other statement regarding the issue as of press time.
Troubles of the cryptocurrency exchange in Nigeria
Most likely, Binance’s decision to discontinue NGN services stems from the problems it has had with the Nigerian government in recent weeks. Nigerian authorities accuse the exchange of usurping the Central Bank of Nigeria’s role in setting exchange rates. In this context, he claims, Nigeria is exacerbating its foreign exchange problems. The crypto platform denies this claim. The Nigerian government launched a crackdown on Binance, including a blockade of its website. In addition, cryptokoin.comAs you follow from , the Nigerian government detained two Binance employees. In this process, he also confiscated the passports of the employees.
Meanwhile, recent reports have revealed that the Nigerian government is considering fining Binance $10 billion for its alleged violations. However, Bayo Onanuga, an aide to the Nigerian President, denied these reports. In this context, he claimed that the authorities have not yet finalized their transactions on the stock exchange. Moreover, Nigerian lawmakers recently summoned Binance CEO Richard Teng to appear before a committee over the exchange’s alleged role in money laundering and terrorism financing.
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