Binance to Discontinue All Nigerian Naira (NGN) Services
Cryptocurrency exchange platform, Binance, has announced the discontinuation of its services in Nigeria. Users are advised to withdraw all NGN assets from the platform, with remaining balances automatically converted to USDT stablecoin starting March 8, 2024.
As of March 5, 2024, NGN deposits are suspended, and support for NGN trading across various services will cease, including spot trading, P2P, Auto Invest, and Binance Pay.
The decision was made following careful consideration of the findings and analyses detailed in a written document by Binance Officials.
The article reads:
This decision follows ongoing tensions with Nigerian authorities over alleged currency manipulation by Binance executives, leading to a decline in the naira’s value. Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to testify on alleged terrorist financing and money laundering.
Despite claims of anonymity, Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria, asserts that traders on Binance can be traced through KYC measures like BVN and driver’s licenses.
He also highlights the lack of regulatory framework for virtual asset services in Nigeria, leaving Binance unbound by local regulations.
Recent arrests of Binance executives in Nigeria further escalate the dispute, with the government demanding $10 billion in compensation for alleged foreign exchange rate manipulation.
