Binance, a leading global cryptocurrency exchange, has announced the cessation of its Nigerian Naira (NGN) services, citing ongoing disputes with the Nigerian government.
The decision comes amidst accusations of currency manipulation and the detention of Binance executives by Nigerian authorities.
In a statement released on Tuesday, Binance instructed Nigerian users to withdraw all NGN assets by March 8, 2024, as the platform would no longer support NGN deposits after March 5.
Any remaining NGN balances beyond the specified date would be automatically converted to Tether (USDT) at a designated conversion rate.
The Nigerian government had previously blocked access to the Binance website, alleging the platform’s involvement in the manipulation of the country’s currency, which resulted in its depreciation against other currencies.
Binance executives have also reportedly faced detention by Nigerian authorities in connection with these allegations.
The company’s announcement included a series of timelines for the cessation of various NGN-related services, including spot trading pairs, delisting from Binance P2P, and removal from supported payment options on Binance Pay.
Binance’s decision underscores the increasing tensions between cryptocurrency platforms and regulatory authorities worldwide.
As Nigeria grapples with regulating the burgeoning cryptocurrency market, the discontinuation of Binance’s NGN services signals a significant development in the evolving relationship between crypto exchanges and governmental oversight.
The move also highlights the challenges faced by cryptocurrency users and platforms amid regulatory uncertainties and government crackdowns in various jurisdictions.
It remains to be seen how Nigerian users and the cryptocurrency market at large will adapt to these changes and navigate the evolving regulatory landscape.