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Binance, the world’s largest cryptocurrency trading platform, has announced its decision to exit the Nigerian market and remove all assets associated with the Nigerian Naira (NGN).
This move comes in response to a recent clampdown by Nigerian authorities on the platform. In a statement issued on Tuesday, Binance stated, “Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.”
The platform has urged its Nigerian users to withdraw their NGN assets or convert them into cryptocurrencies before the discontinuation of the Naira on the platform takes effect.
Binance has set a deadline of March 8, 2024, for the automatic conversion of any remaining NGN balances in users’ accounts to USDT based on the conversion rate.
Last week, Binance disabled its peer-to-peer function for Nigerians. This function, also known as P2P, allows users to trade without third-party interference.
With Binance discontinuing Nigerian Naira trade on its platform, Nigerian users will now need to seek alternative platforms to convert their funds into Naira or risk having their funds trapped in Binance.
The decision by Binance to exit the Nigerian market comes amidst the Nigerian government’s crackdown on cryptocurrency. President Bola Tinubu’s administration claims that this move is aimed at halting the free fall of the Nigerian Naira against the US Dollar.
The Central Bank of Nigeria governor, Olayemi Cardoso, revealed that over $26 billion passed through Binance in the past year during a Monetary Policy Committee (MPC) meeting in Abuja.
The Nigerian government has detained two Binance officials who were invited into the country and blocked access to the cryptocurrency website for Nigerian users.
The government accuses Binance and other cryptocurrency platforms of fixing rates and sabotaging the Nigerian economy. There are also discussions of imposing a $10 million fine on Binance for allegedly aiding currency speculators and manipulators.
Despite these developments, Binance has denied any talks with the Nigerian government regarding potential fines. The House of Representatives Committee on Financial Crimes has recommended the arrest of Binance’s CEO over allegations of tax evasion and money laundering in Nigeria.
As Binance exits the Nigerian market, it remains to be seen how Nigerian cryptocurrency users will cope with the changes and find alternative platforms to meet their needs.
This article was updated 2 months ago
