Binance says it will discontinue Naira (NGN) services in response to increased regulatory probe 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, 2024. It advised users to withdraw, trade, or convert their NGN assets into crypto before the service discontinuation. Any remaining NGN balances in users’ spot and funding wallets will be converted to USDT on Friday, March 8, the company stated.

By Wednesday, March 6, Binance will also delist NGN services on its auto-invest tool and remove the currency from the list of supported payment options on Binance Pay.

This development follows recent regulatory actions by the Nigerian government, which imposed restrictions on both local and foreign cryptocurrency exchanges, including Binance. As a result, users have encountered accessibility challenges on the Binance website.

Last week, the Central Bank of Nigeria, the country’s apex bank, said Nigeria was losing out on taxes from unregistered crypto exchanges and accused Binance of facilitating “illicit flows from sources and users who we cannot adequately identify” to the tune of $26 billion.

Read on..
https://latestnewsng.com/2024/03/binance-advises-users-to-withdraw-their-ngn-as-they-plan-to-halt-naira-service-amid-regulatory-probe-in-nigeria/

Why were they even allowed to operate unregistered for so long? And why didn’t they register in the largest market in Africa for them?

Meanwhile, all other issues need to be also addressed for a better economy, not only Binance.

Naija na cruise

Thissystem:
Why were they even allowed to operate unregistered for so long? And why didn’t they register in the largest market in Africa for them?

Meanwhile, all other issues need to be also addressed for a better economy, not only Binance.

Naija na cruise

Register as what? Crypto trading platform?

Acidosis:


Register as what? Crypto trading platform?

They need to register as Digital Asset Service Provider, Virtual Asset Service Provider, Financial Institution, etc., just as they did in France, Italy, Spain, Sweden, and several other countries, including South Africa. Read more..
https://www.binance.com/en/legal/licenses

Many foreign companies are just taking Nigeria for granted. Not good. This is a leadership issue that needs to be addressed.