Cryptocurrency exchange, Binance, has announced plans to discontinue all services related to the Nigerian naira.
Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value.
The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others.
Nigeria is one of the largest peer-to-peer crypto markets in the world. Between July 2022 and June 2023, crypto transactions in the country reached $56.7bn, according to Chainalysis.
But the company, in a statement on Tuesday, advised users to withdraw NGN, trade their NGN assets or convert NGN into crypto.
The statement read, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below. For rest of the story visit
https://punchng.com/just-in-binance-ends-services-in-naira/
