March 5, 2024

Forex Crisis: Binance Set To Discontinue Services In Nigeria

The New Diplomat

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By Abiola Olawale

Popular cryptocurrency trading platform, Binance, has announced its decision to discontinue its Nigerian Naira services after Federal Government scrutiny.

The trading platform in a terse statement said starting from March 8 at 8:00 a.m. UTC, it will automatically convert naira balances to USDT (Tether), a stablecoin pegged to the US dollar.

“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto before the discontinuation of these NGN services,” a company blog post said on Tuesday.

The New Diplomat reports that this is coming after two Binance executives were recently detained in the country, and the exchange’s CEO Richard Teng, has been summoned to appear before a committee.

Binance’s CEO had been summoned by the House of Representatives Committee on Financial Crimes as it investigates money laundering and terrorist financing.

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