The largest cryptocurrency exchange in the world, Binance, declared on March 5, 2024, that it will no longer offer any services associated with the Nigerian Naira (NGN).
In this article, we examine the potential impact of Binance's exit and the suspension of its naira services on the uptake and application of cryptocurrencies in Nigeria. and whether it hinders or promotes the nation's cryptocurrency market's expansion.
The cryptocurrency exchange announced that consumers should withdraw NGN because deposits will only be accepted on March 5. Furthermore, Binance will no longer support NGN in any way for spot trading, P2P, Auto Invest, or Binance Pay.
The announcement said, "Any remaining NGN balances in users' Binance accounts will be automatically converted to USDT."
According to The Nation, police in Nigeria have detained two representatives of Binance on suspicion of conducting "illegal transactions." Desperate to preserve the value of the Naira, the country's currency, the federal government is also requesting at least $10 billion in retaliation from Binance during a crackdown on the cryptocurrency exchange site.
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