Cryptocurrency exchange platform Binance has announced the withdrawal of all its services related to the Nigerian naira.
Binance, in an announcement on Tuesday, March 5, 2024, said that starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin.
The platform said it will cease support for NGN in spot trading, P2P, Auto Invest, and Binance Pay.
Users are advised that NGN deposits will be suspended on March 5.
“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,” Binance said in the announcement.
The exchange’s decision comes amid Nigeria’s crackdown on the global crypto exchange.
The Nigerian government in February became concerned about the impact of cryptocurrency exchanges on the country’s economy. The government has ordered telecommunications companies to block access to several platforms, including Binance, Coinbase, and Kraken.
The crypto platform is facing allegations of manipulating the country’s currency, resulting in its consistent depreciation against other currencies. Additionally, some of its executives are presently detained by the Nigerian government.
The Nigerian government reportedly demanded $10 billion in compensation from Binance for allegedly manipulating the naira exchange rate on Monday. However, both the exchange and Bayo Onanuga, adviser to the President of Nigeria, denied this information afterward.
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