Binance, a cryptocurrency trading platform, has announced the discontinuation of all its naira services commencing from March 8, 2024.
Effective March 5, Binance will cease naira deposits, followed by the termination of withdrawals on March 8.
The cryptocurrency platform made this known in a statement on Tuesday, March 5.
The company stated that all trading pairs involving naira will be removed from its platform on March 7, adding that its payment service – Binance Pay, will also remove naira from the list of supported payment options on March 6, 2024.
It further stated that its peer-to-peer platform delisted all naira trading pairs in February.
“From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” Binance said.
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The latest development comes amidst the company’s ongoing regulatory challenges in Nigeria.
The House of Representatives Committee on Financial Crimes recently summoned the Chief Executive Officer (CEO) of Binance, Richard Teng, over alleged involvement in terrorism financing, money laundering, and tax evasion.
The committee, on Friday, March 1, issued a seven-day ultimatum to the management of the cryptocurrency trading platform to appear before the committee on or before Monday, March 4.
The lawmakers made the summon after the Federal Government imposed a $10 billion fine on Binance, over alleged illegal transactions in the country.
Security operatives had earlier arrested two Binance executives in Abuja.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, also disclosed that Binance made significant profits from the platform’s “illegal transactions” while Nigeria sustained enormous losses.
The presidential spokesman said Binance is not present or registered in Nigeria, adding that users were arbitrarily fixing dollar-naira exchange rates on the platform, which he said had a detrimental effect on the value of the local currency.
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