Binance, the world’s leading cryptocurrency exchange, announced the suspension of all its services involving the Nigerian Naira (NGN) effective March 8, 2024. The move comes amidst ongoing regulatory troubles between the company and Nigerian authorities.
According to a statement released on the company’s app, Binance will halt NGN deposits starting March 5, followed by NGN withdrawals concluding on March 8. The exchange will also delist all NGN trading pairs and remove the Naira from its supported payment options.
This decision follows recent actions taken by the Nigerian government against Binance. Last week, two company executives were detained upon arrival in the country, after Nigerian authorities banned access to the Binance website. Additionally, a presidential aide claimed Binance was fined $10 billion for alleged involvement in “illegal transactions,” although the company denies any knowledge of the fine.
These developments follow previous restrictions imposed by Binance on peer-to-peer transactions involving the NGN pair. This marks the second time in six months the exchange has limited Nigerian users’ trading activity.
The situation underscores the evolving stance of Nigerian regulators towards cryptocurrency. While the Central Bank initially appeared open to digital assets in 2023, recent actions suggest a shift in policy.
This is a developing story.
