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Cryptocurrency exchange Binance announced that it will stop providing all services related to the Nigerian naira (NGN).
According to the platform’s <a href="https://www.binance.com/en/support/announcement/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144" target="_blank" rel="noopener noreferrer nofollow">announcement</a> on March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to <a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a> stablecoin. Until this time, users are advised to withdraw NGN. Deposits will be suspended on March 5.
In addition, Binance will completely stop supporting NGN in spot trading, <a href="https://crypto.news/tag/P2P/" target="_blank" rel="noopener noreferrer nofollow">P2P</a>, Auto Invest, and Binance Pay.
<blockquote class="wp-block-quote">
 “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.” <cite>Binance announcement</cite>
</blockquote>
You might also like: <a href="https://crypto.news/regulatory-body-in-nigeria-wants-binance-banned/" rel="noopener noreferrer nofollow"> Regulatory body in Nigeria wants Binance banned </a>
In February, Nigerian authorities became concerned about the impact of cryptocurrency exchanges on the country’s economy. The government <a href="https://crypto.news/nigeria-reportedly-plans-to-ban-binance-other-crypto-firms-over-their-ties-to-forex/" target="_blank" rel="noopener noreferrer nofollow">has ordered</a> telecommunications companies to block access to several platforms, including <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, and <a href="https://crypto.news/tag/Kraken/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a>.
Two Binance employees who had traveled to Nigeria to resolve the issue were <a href="https://crypto.news/nigeria-arrests-binance-executives-amid-naira-speculation-crackdown/" target="_blank" rel="noopener noreferrer nofollow">detained</a> by security authorities for questioning regarding foreign exchange market regulation.
In early March, media reported that Nigerian authorities allegedly <a href="https://crypto.news/binance-nigeria-fine-manipulation/" target="_blank" rel="noopener noreferrer nofollow">demanded</a> $10 billion in compensation from Binance for manipulating the naira exchange rate. However, both the exchange and adviser to the President of Nigeria, Bayo Onanuga, subsequently denied this information.
In addition, the Nigerian House of Representatives Committee on Financial Crimes <a href="https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing/" target="_blank" rel="noopener noreferrer nofollow">has demanded</a> that Binance CEO Richard Teng appear before the department no later than March 4 to testify regarding alleged terrorist financing and money laundering.
Read more: <a href="https://crypto.news/nigeria-sec-declares-binance-operations-in-country-illegal/" rel="noopener noreferrer nofollow"> Nigeria SEC declares Binance operations in country illegal </a>

Binance leaves Nigeria, suspending all naira services

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