Binance, a
cryptocurrency exchange
platform, has announced that it will stop providing all services related to
the Nigerian naira (NGN).
Binance, in a statement
published on its website on
Tuesday, said, “Starting at
8:00 UTC on March 8, all remaining NGN balances in
Binance users’ accounts will
be automatically converted to
USDT stablecoin.”
Until this time, it advised
users to withdraw NGN as
deposits will be suspended on
March 5. In addition, Binance
will completely stop supporting NGN in spot trading, P2P,
Auto Invest, and Binance Pay.
“We thank you for your
support as we continue to
build the crypto ecosystem in a way that promotes
transparency and long-term
sustainable growth,” said
Binance.
On Monday, the House of
Representatives threatened
to issue a warrant of arrest
on the company’s Chief Executive Officer, Changpeng
Zhao, over the failure of
the company’s executives to
appear in person before the
House investigation panel following a petition that borders
on the financing of terrorism, money laundering, tax
evasion, and other financial
crimes.
The Nigerian government is demanding at least
$10 billion from Binance in
retribution for the damage
caused on the Nigerian foreign exchange market.
Special Adviser to the
President on Information
and Strategy, Bayo Onanuga, told BBC on Friday that
people used Binance to arbitrarily fix dollar-naira rates,
a practice he said negatively
impacted the value of the local currency. He also claimed
that Binance is not a registered company in Nigeria.
Also on Tuesday, February
27, Olayemi Cardoso, governor of the Central Bank of
Nigeria (CBN), said $26 billion passed through Binance
Nigeria from unidentified
sources in one year.
The Nigerian Communications Commission (NCC)
had on February 21, blocked
online platforms, including
Binance and other crypto
firms to avert the continuous
manipulation of the forex
market and illicit movement
of funds.
Binance To Stop All Naira Services Amid Regulatory Probe
