Cryptocurrency exchange Binance recently announced that it will cease all services related to the Nigerian naira (NGN).

As per the platform’s notice on March 5, beginning at 8:00 UTC on March 8, any remaining NGN balances in Binance users’ accounts will be automatically converted to the USDT stablecoin. Users are encouraged to withdraw NGN before this deadline, and deposits will be halted on March 5.

Furthermore, Binance will discontinue support for NGN in spot trading, P2P, Auto Invest, and Binance Pay.

“We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.” – Binance announcement

Regulatory Challenges in Nigeria

In February, Nigerian authorities expressed concerns about the impact of cryptocurrency exchanges on the country’s economy. This led to telecommunications companies being instructed to block access to various platforms, including Binance, Coinbase, and Kraken.

Following this directive, two Binance employees were detained in Nigeria for questioning regarding foreign exchange market regulations.

Recent reports suggested that Nigerian authorities requested $10 billion in compensation from Binance for allegedly manipulating the naira exchange rate. However, both the exchange and adviser to the President of Nigeria, Bayo Onanuga, refuted these claims.

Additionally, the Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to testify about alleged terrorist financing and money laundering by March 4.

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