Binance Exits Nigeria, Stops Naira Services

Binance Exits Nigeria, Stops Naira Services

By THECONSCIENCEng 

Binance is set to exit the Nigerian market, ceasing provision of services in local currency.

The firm is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. 

The platform has informed users that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8.

Users are advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before this deadline.

In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance’s range of services.

The firm has run into troubled waters with authorities in Nigeria, as the parliament threatened to issue a warrant of arrest on the company’s executives.

The House of Representatives Committee on Financial Crimes issued the threat on Monday during an investigative hearing.

The panel had summoned the Managing Director, Richard Teng, in a letter dated 12 December 2023, but he did not honour the invitation.

Two company officials were reportedly arrested by Nigerian authorities over allegations of “illegal transactions” in Nigeria.

The government is demanding at least $10 billion as retribution from the firm amid a  crackdown on the crypto exchange platform in desperate moves to salvage the value of the naira, the nation’s currency.

Two groups, Empowerment for Unemployed Youths Initiative, and Niger Delta Youths Council, had in December 2023 written a petition to the National Assembly over alleged illegal activities by Binance.

The committee subsequently wrote a letter to Binance, calling for an appearance before it. However, Binance sent its lawyer, Mr Ihenyen who was rejected by the committee, insisting that executives of Binance must appear in person.