Binance, a cryptocurrency exchange, has announced it will discontinue all services related to the Nigerian Naira, effective March 8, 2024.
This decision comes as a response to increased scrutiny from Nigerian regulators.
Binance has advised users to withdraw their Naira, trade their Naira assets, or convert Naira into cryptocurrency before the discontinuation as after March 8, any remaining Naira balances in users’ accounts will be automatically converted to USDT at a rate of 1 USDT = 1,515.13 NGN.
Binance has also stopped accepting new Naira deposits as of March 5, 2024. The company is facing allegations of exploiting the Naira and is accused of terrorism financing, money laundering, and tax evasion.
Nigeria is one of the largest peer-to-peer crypto markets in the world, with crypto transactions reaching $56.7 billion between July 2022 and June 2023
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