In a significant development impacting Nigeria’s cryptocurrency landscape, Binance, a leading crypto trading platform, has announced the discontinuation of its services in the country. The decision comes amidst ongoing disputes with the Nigerian government, including accusations of currency manipulation and the detention of certain Binance executives.
Effective immediately, Binance has advised Nigerian users to withdraw all NGN assets from its platform. The company will cease accepting Naira deposits, setting a withdrawal deadline of March 8, 2024. After this date, any remaining NGN balances will be automatically converted to USDT, a stablecoin pegged to the US dollar.
In a statement released on Tuesday, Binance outlined the timeline for discontinuing NGN services and provided instructions for users to withdraw or trade their assets before the deadline. The announcement comes following the Nigerian government’s blocking of access to the Binance website several weeks ago.
The decision also entails the delisting of existing NGN spot trading pairs, including BTC/NGN and USDT/NGN. Binance emphasized that open spot orders for NGN trading pairs will be closed automatically upon cessation of trading. Users are urged to review their wallets to ensure visibility of all assets following these changes.
Binance’s move to terminate Nigerian operations reflects the complexities and challenges faced by cryptocurrency exchanges in navigating regulatory environments worldwide. The company’s actions underscore the growing scrutiny faced by crypto platforms in Nigeria and globally.
The Nigerian government’s stance on cryptocurrency regulation has been a subject of debate, with authorities expressing concerns over potential risks associated with digital currencies. Binance’s decision to exit the Nigerian market adds to the ongoing discourse surrounding the regulation and oversight of cryptocurrencies in the country.
As the deadline for asset withdrawal approaches, Nigerian users of Binance are urged to take necessary steps to secure their funds and adhere to the platform’s guidelines. The implications of Binance’s departure from the Nigerian market remain to be seen, with stakeholders closely monitoring developments in the evolving regulatory landscape of cryptocurrency trading.
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Credit: Nairametrics
