In a message to its users in Nigeria, Binance has announced that any Nigerian naira (NGN) balances on the platform will be automatically converted to Tether (USDT) stablecoin on March 8, 2024. This move effectively ends all trading activity in NGN on the platform.
Binance’s decision to withdraw from the Nigerian market follows a period of tension between the company and the Nigerian government over the recent depreciation of the naira against the US dollar. This has led to increased scrutiny of the company’s operations in Nigeria.
In addition to the report from SaharaReporters, PurpleWorld has also reported that the Nigerian National Assembly has agreed to issue arrest warrants for executives of Binance. This is further evidence of the Nigerian government’s intention to take strong action against the company.
The decision to issue the arrest warrants followed a resolution passed by the House of Representatives Committee on Financial Crimes, which was hearing a petition brought against Binance.
In response to the government’s actions, Binance has indicated that it will leave the Nigerian market. The company has advised its users in Nigeria to withdraw their funds or convert them into cryptocurrency before the March 8 deadline, after which the platform will no longer be accessible in the country.
In addition to the withdrawal of the platform from the country, users will no longer be able to deposit NGN or trade pairs involving NGN on Binance. NGN will no longer be a supported payment method for any of the company’s services.