Binance discontinues naira services in Nigeria due to regulatory conflicts and allegations.
Binance is discontinuing all services related to Nigeria's local currency, the naira, due to ongoing regulatory conflicts in the country. The platform has been accused of exploiting Nigeria's currency, causing its value to plummet, and engaging in terrorism financing, money laundering, and tax evasion. From March 8 at 8:00 a.m. UTC, Binance will automatically convert any remaining naira balances in users' accounts to USDT. The exchange will cease NGN deposit support after March 8 at 6:00 a.m. UTC. Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to these changes.
March 05, 2024
56 Articles