Binance Quits Nigeria, To Stop Naira Services March 8

Binance, a cryptocurrency trading platform, has said that it will discontinue all Naira services by March 8, 2024.

This is coming on the heels of the recent clampdown on its operations and officials by Nigerian regulators.

Recall that the special adviser on Information & Strategy to President Bola Tinubu, Mr Bayo Onanuga, had urged the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to take action against platforms that attempt to manipulate the value of the naira using cryptocurrency exchange platforms.

Onanuga recommended that cryptocurrency channels be outlawed in the nation because, in his words, “this bleeding of our currency will continue unabated,” according to a statement he posted on his X handle.

However, in a message to its users on Tuesday, the cryptocurrency firm said it would stop supporting naira deposits starting from March 5, 2024.

It, however, stated that it would convert all NGN balances in users’ accounts to USDT.

The statement read partly, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.”