“Binance Ceases Naira Services Amid Ongoing Regulatory Inquiry in Nigeria”
Binance will discontinue its naira (NGN) services in response to heightened regulatory scrutiny in Nigeria, it said in a blog post today.
The cryptocurrency exchange will begin delisting any existing NGN spot trading pairs by Thursday, March 7.
Any remaining NGN balances in users’ spot and funding wallets will be converted to USDT on Friday, March 8, it noted.
This development follows recent regulatory actions by the Nigerian government, which imposed restrictions on both local and foreign cryptocurrency exchanges, including Binance.
What followed was the reported detention of two Binance officials after they were invited to Nigeria to discuss the regulatory restrictions.
