Binance to Halt Naira Services Amid Regulatory Pressures

Binance Nigeria has declared its intention to halt all services in the Nigerian Naira (NGN) effective March 8, 2024. The cryptocurrency exchange platform made the announcement on its website, citing the suspension of naira withdrawals after the specified date. This move aligns with the backdrop of increased regulatory scrutiny by the Nigerian government, which has accused Binance of violating regulatory norms.

Binance urges users to withdraw their naira funds, trade or convert them to cryptocurrency before the March 8 deadline. The platform states that any remaining NGN balances will be automatically converted to the Tether stablecoin. The conversion rate will be determined based on the average closing price of the USDT/NGN trading pair on Binance Spot over the preceding seven days.

Furthermore, Binance disclosed that it would suspend naira deposits, with transactions unsupported after 2:00 pm UTC on Tuesday, March 5, 2024. All trading pairs involving naira are slated for removal from the platform on March 7, 2024. Additionally, Binance Pay, the payment service, will eliminate naira as a supported payment option on March 6, 2024. Binance had previously delisted all NGN trading pairs from its peer-to-peer platform at the end of February.

The cryptocurrency exchange’s decision to discontinue naira services comes amidst heightened regulatory concerns and investigations by Nigerian authorities into alleged violations of the country’s foreign exchange regulations. The move marks a significant development in the ongoing tussle between cryptocurrency platforms and regulatory bodies worldwide, reflecting the broader challenges and uncertainties in the evolving landscape of digital currencies.