Binance, the world’s biggest crypto exchange, is stopping its services for Naira, Nigeria’s currency, from March 8, 2024.
This decision comes as Nigeria tightens regulations on cryptocurrency. The company will stop accepting Naira deposits after March 5 and withdrawals after March 8.
Any remaining Naira in users’ accounts will be automatically converted to USDT, a type of cryptocurrency. Binance will also remove all Naira trading pairs by March 7 and stop supporting Naira payments on Binance Pay.
This move by Binance follows Nigeria’s crackdown on crypto exchanges. Recently, two Binance executives were arrested after entering Nigeria, accused of involvement in illegal transactions.
The government imposed a hefty fine of $10 billion on Binance, which the company denies knowledge of. Earlier, Binance had already limited peer-to-peer transactions involving Naira.
These challenges for Binance come after Nigeria’s Central Bank changed its stance on crypto companies last year. While initially seen as positive, recent regulatory actions have raised concerns about the future of digital currency assets in Nigeria.
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