Binance Ceases Nigerian Naira (NGN) Offerings Amid Nigeria’s Crypto Crackdown

Binance, one of the world’s leading cryptocurrency exchanges, recently nabbed significant attention globally as the firm announced plans to discontinue all Nigerian Naira (NGN) services following the heightened scrutiny faced by the CEX in Nigeria. Amid the recent crackdown on cryptocurrency exchanges in the West African nation mentioned above, Binance appears to have faced intensified heat as a result of its previous legal chronicles nationwide.

Following legal tussles with Nigeria’s regulatory bodies in recent days, the CEX finally issued plans to halt certain services, as mentioned above, falling in line with the scrutiny faced due to currency manipulation fears. Crypto market participants in Nigeria appear to be extensively eyeing the announcement as the nation’s crypto landscape braces for a potential impact with the CEX’s halting services.

A Closer Look Into Binance’s Statement

According to the statement released by Binance today, March 5, the firm urged its users to withdraw NGN, trade NGN assets, or convert NGN into crypto prior to the firm’s halting of NGN-related services. Starting March 8 at 08:00 UTC, any remaining balances in users’ accounts will automatically be turned into USDT, based on a conversion rate the firm listed out in its statement, per Binance’s announcement.

Binance revealed that the firm plans to stop supporting deposits of NGN after March 8, at 14:00 UTC, whereas withdrawals for the same will be suspended on the same date, at 06:00 UTC. Subsequent to March 8, Binance also aims to convert any remaining NGN balances in users’ spot and fund wallets into USDT, offering them a ratio of 1 USDT to 1,515.13 NGN.

In the interim, the CEX also plans to delist all existing NGN spot trading pairs starting March 7. All open spot orders will automatically be closed when the relevant pair’s trading ceases.

Additionally, a plethora of other announcements in the statement encompassed services on Binance Convert, Binance P2P, Auto Invest, and Binance Pay to be impacted by the above-mentioned halting of services.

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Binance’s Legal Saga In Nigeria

Aligning with the recent crypto crackdown witnessed in Nigeria, Binance faced substantial regulatory scrutiny. The firm even showcased efforts to ensure regulatory compliance nationwide, reaffirming its commitment to working with local authorities.

However, it soon witnessed a setback, with its Nigerian arm’s executives being detained amidst the regulatory crackdown mentioned above. Although rumors of a $10 billion fine for Binance loomed over the crypto horizon, Nigeria’s authorities refuted any such remarks, fueling speculations over the country’s crypto crackdown.

Besides, Nigeria also took a jab at prominent exchanges like Kraken and Coinbase, falling in line with the scrutiny faced by Binance.

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