Sign up: register@panafrican.email

Binance to stop services in Nigerian Naira amid crackdown on crypto exchanges

Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

One response to “Binance to stop services in Nigerian Naira amid crackdown on crypto exchanges”

  1. Bonus de ^inregistrare Binance Avatar

    Your article helped me a lot, is there any more related content? Thanks!

Leave a Reply

Your email address will not be published. Required fields are marked *