JUST IN: Binance Exits Nigerian Market, Ceases Naira Transactions
In response to a nationwide crackdown on cryptocurrency exchanges, Binance has announced the suspension of all transactions and trading activities in Nigeria’s local currency, effective March 8. This move follows the recent detainment of two senior Binance executives by Nigerian authorities on undisclosed charges.
As part of the initiative, Binance will halt support for Naira withdrawals after Friday, with any remaining balances automatically converted into Tether—a stablecoin pegged to the U.S. dollar. The decision comes amidst accusations from authorities that crypto exchanges are fueling a black market for foreign exchange, contributing to a 24% drop in the value of the Naira this year.
The detained Binance executives remain in custody, with their charges undisclosed as of now. Their local lawyer addressed a parliamentary committee on Monday, shedding little light on the situation.
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