Binance, the world’s leading cryptocurrency exchange, has announced the discontinuation of its services for the Nigerian naira. This move comes after the Nigerian government detained Binance employees and threatened a hefty fine.
Government Allegations
The Nigerian government accused Binance of manipulating the exchange rate of the naira, causing its value to drop by 70%. The government demanded a $10 billion fine from the exchange.
Employee Arrests
Local reports indicate that the government arrested several Binance employees in connection with the allegations. This action prompted Binance to take steps to protect its users and operations.
Service Discontinuation
Effective March 8, 2024, Binance will cease all Nigerian naira services. Users are advised to withdraw their naira funds or convert them to cryptocurrencies before that date.
Automatic Conversion
Any remaining naira balances in Binance accounts after March 8 will be automatically converted to USDT at the prevailing conversion rate.
Bitcoin Value Surge
Despite the controversy, Bitcoin’s value has soared by approximately 800% against the Nigerian naira in the past year.
