Binance Winds Down Naira Operations in Nigeria, Gives Dates for Refund of Deposits

Binance Winds Down Naira Operations in Nigeria, Gives Dates for Refund of Deposits

Embattled cryptocurrency global company, Binance is winding down its operations in Nigeria following accusations from the government that it is manipulating other currencies against the naira whose exchange rate has plummeted badly in recent weeks and months. The company announced on Tuesday announced the discontinuation of its operations in Naira in Nigeria. The cryptocurrency organisation

Embattled cryptocurrency global company, Binance is winding down its operations in Nigeria following accusations from the government that it is manipulating other currencies against the naira whose exchange rate has plummeted badly in recent weeks and months. The company announced on Tuesday announced the discontinuation of its operations in Naira in Nigeria.

The cryptocurrency organisation said on its website on Tuesday that it would no longer allow Naira withdrawal on its platform starting from Friday, March 8, 2024.

This comes after a longstanding feud between the federal government and the cryptocurrency organisation on regulation breaches, in which the Federal Government accused Binance of manipulating the Naira, leading to the currency’s consistent fall in the foreign exchange market.

Millions of Nigerians are big time players on the Binance platform where Naira exchange rate are negotiated an issue that was aggravated when government adopted a policy to make the Naira float to find its true value. Since, the clampdown on Binance, many Nigerians have taken to the X platform to criticise the government for its action saying it has a potential of discouraging foreign investment into the country.

Two of the Binance company’s executives are undergoing interrogation through the office of National Security Adviser, for alleged terrorism funding and other acts of manipulation against the Naira through the instrumentality of the Binance platform.

On February 27, the governor of the Central Bank of Nigeria, Yemi Cardoso, alleged that a sum of $26 billion passed through from Binance to unidentified sources in one year. The CBN governor made this disclosure one year after the SEC had declared cryptocurrency activities illegal in the country.

Following the CBN governor’s remark, the government detained two Binance executives in Nigeria last week, for manipulating the country’s currency. The government has also allegedly demanded 10 billion dollars as retribution from Binance for the profits from its past activities in Nigeria. This information is yet to be confirmed by any government official while the specific monetary law infringements are yet unspecified.

As a result of the pressure on the crypto organization, it announced that it would cease operations in Nigeria’s currency, while other currencies remain viable on the platform. According to the Binance team, Naira would be suspended on its platform for deposits, as such, transactions will not be supported after 2:00 pm UTC on Tuesday, March 5, 2024.

The company further explained that they would delist Naira from the list of supported payment options on March 6, 2024, adding that its peer-to-peer platform delisted all NGN trading pairs in late February.

The company statement reads:

Dear Binancian,

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 into crypto prior to the discontinuation of these NGN services. This affects NGN services only, you can continue to make use of services and products for other available cryptocurrencies.

Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Binance Auto-Invest will delist NGN after 2024-03-

06 03:00 (UTC).Binance will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).

Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC).NGN Spot Trading pairs (i.e.,BTC/NGN and USDT/NGN) will be delisted at 2024-03-07 03:00(UTC).

Withdrawals of NGN will not be supported after

2024-03-08 06:00 (UTC).Binance will convert any remaining NGN balances in

users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN after 2024-03-08 08:00 (UTC).

Please note;

Please note that the conversion rate is calculated based on the average closing price of theUSDT/NGN trading pair on Binance Spot in the last seven days.’

The conversion may take approximately up to 24hours or longer. USDT tokens will be credited tousers’ Spot wallets thereafter, and users can confirm receipt of the tokens via the ConvertHistory page.

If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.

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