Binance declared on today (Tuesday) that it will terminate
all Nigerian naira services amidst an escalating legal battle with the Nigerian
government. The move comes as a blow to users and investors in Nigeria, a
country that has emerged as one of the world’s major cryptocurrency markets.
According to an official update on Binance’s website,
effective this Friday, all remaining naira balances in user accounts will be
automatically converted to Tether, a popular cryptocurrency stablecoin pegged
to the US dollar.
Binance has also outlined a timeline for the cessation of
specific services related to the Nigerian naira. The exchange will cease to
support any deposits of Naira after 2 p.m. UTC on Tuesday. Additionally,
withdrawals of the currency will no longer be facilitated after 6 a.m. UTC on
Friday, as stated in the official announcement.
The legal dispute between Binance and the Nigerian
government has intensified in recent weeks, with the government demanding
nearly $10 billion in compensation from the cryptocurrency firm. Accusations
include manipulation of foreign exchange rates through currency speculation and
rate fixing. Last week, reports emerged that two senior executives of Binance
were arrested in Nigeria, further complicating the already strained
relationship.
Nigeria, as one of the largest cryptocurrency markets
globally, has been grappling with economic challenges, contributing to the
significant depreciation of the Nigerian naira. Over the past few months, the
currency has witnessed a staggering loss of almost 70% of its value,
exacerbated by a broader currency crisis and surging inflation in Africa’s
largest economy.
Binance declared on today (Tuesday) that it will terminate
all Nigerian naira services amidst an escalating legal battle with the Nigerian
government. The move comes as a blow to users and investors in Nigeria, a
country that has emerged as one of the world’s major cryptocurrency markets.
According to an official update on Binance’s website,
effective this Friday, all remaining naira balances in user accounts will be
automatically converted to Tether, a popular cryptocurrency stablecoin pegged
to the US dollar.
Binance has also outlined a timeline for the cessation of
specific services related to the Nigerian naira. The exchange will cease to
support any deposits of Naira after 2 p.m. UTC on Tuesday. Additionally,
withdrawals of the currency will no longer be facilitated after 6 a.m. UTC on
Friday, as stated in the…
