Binance, the world’s largest cryptocurrency exchange by trading volume, is ending support for Africa’s largest national currency economy.
Late last week, Nigeria’s government demanded nearly $10 billion from Binance, claiming the crypto exchange was manipulating the exchange rate of its fiat currency.
According to local reports, the Nigerian government has fined Binance $10 billion, alleging that the top global crypto exchange manipulated exchange rates in a way that caused the naira to fall by 70%.
Recently, a Nigerian MP accused Binance of serious violations of the law, according to a report by the Punch newspaper.
The Punch report quoted Ginger Onwusibe, the chairman of Nigeria’s House of Representatives Commission on Financial Crimes, as saying the country’s constitution allows lawmakers to “protect Nigerians from financial crimes, especially by foreign companies.”
Now, possibly in response to the Nigerian government’s allegations and the arrest of several Binance employees, the world’s largest crypto exchange by trading volume is terminating services for the Nigerian naira.
“Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN to crypto before these NGN services are discontinued.
As of 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the exchange rate below.”
At the time of writing, Bitcoin is currently worth NGN 100,842,650, and in the past year, the Nigerian fiat currency has risen by approximately 800%.
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