- Binance shuts down all Nigerian Naira (NGN) trading services on its platform.
- All untraded NGN holdings will be converted to USDT by Friday.
- Nigeria’s government has arrested two executives from Binance and summoned CEO Richard Teng.
The largest crypto exchange, Binance, announced it was shutting down all Nigerian Naira (NGN) trading services on its platform.
According to the announcement, starting at 14:00 UTC on March 5, Binance will cease deposits of NGN. In parallel, Binance will discontinue withdrawals and conversions of NGN starting Friday, March 8. The exchange emphasized that any remaining NGN balances in users’ accounts will be automatically converted to USDT after the deadline elapses.
While Binance stated that the conversion ratio would be 1 USDT to 1,515.13 NGN, the conversion could take longer than 24 hours. As a result, Binance encourages users to withdraw their NGN holdings, trade existing NGN assets, or convert such assets to other cryptocurrencies before the deadline.
The current trading pair for NGN on Binance includes BTC/NGN and USDT/NGN, which will be delisted on Thursday, March 7. Also, the exchange will eliminate NGN among the supported currencies in the Binance Pay services. Besides, Binance delisted NGN trading pairs from its P2P service on February 28.
Recently, the Federal Government of Nigeria, through the office of the National Security Adviser, detained two senior executives from Binance amid allegations of NGN/USD price manipulation.
Furthermore, last week, Olayemi Cardoso, Governor of the Central Bank of Nigeria, claimed that $26 billion flowed through Binance Nigeria from undisclosed sources within a year. Meanwhile, a House of Representatives committee on financial crimes summoned Binance CEO Richard Teng regarding money laundering, illegal operations, financial terrorism, and tax evasion allegations.
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