In a statement from Binance on the app, the cryptocurrency exchange has declared that all Naira services on the platform will be suspended from March 8. This comes as a result of constant regulatory issues with the Nigerian Government.
For the past months, Binance has been in the middle of cryptocurrency regulations issues in Nigeria with almost all fingers pointing at the exchange as the source of the problem. The company has had enough and all Naira deposits will end on March 5 while withdrawals stop on March 8.
In addition, all Naira balances will be converted to USDT, while the Naira will no longer be a supported payment option on Binance. The exchange will also delist all NGN spot trading pairs on March 7, a move to rid itself of the Nigerian scandal.
This year has been filled with troubles for BInance Nigeria and it’s time for the country to say goodbye to the largest cryptocurrency exchange.
From the last two weeks of 2023 until now, the Nigerian regulators have been hitting the exchange hard on all sides since the country’s Naira was in rapid devaluation. For the second time in 6 months, the exchange had to place a limit on the USDT/NGN pair in P2P transactions.
Not long after that, the Office of the National Security Adviser (NSA) arrested two Binance executives who, unknown to them about how deep the situation was, decided to visit the country.
The Nigerian government is making some accusations against the Crypto exchange stating that Binance is a benefactor of illegal transactions, demanding a $10 billion fine.
However, Binance denies any knowledge of the fine and is set to bid its largest customer base goodbye on the 8th of March.