The cryptocurrency exchange Binance has declared its intention to stop offering any services associated with the Nigerian Naira.
The Nigerian currency, the Naira, was allegedly exploited by the cryptocurrency exchange platform Binance, which caused a free fall in its value.
Allegations of tax evasion, money laundering, and financing of terrorism are also being made against the company.Peer-to-peer cryptocurrency markets in Nigeria are among the biggest worldwide.According to Chainalysis, cryptocurrency transactions in the nation totaled $56.7 billion between July 2022 and June 2023.However, the company recommended users to trade their NGN assets, withdraw NGN, or convert NGN into cryptocurrency in a statement on Tuesday.
“Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into cryptocurrency prior to the discontinuation of these NGN services,” the statement stated.
Whatever NGN balances that remain in users’ Binance accounts as of 2024-03-08 08:00 (UTC) will be automatically converted to USDT using the conversion rate listed below.
“After 2024-03-05 14:00 (UTC), Binance will not support NGN deposits.” NGN withdrawals will not be accepted after 2024-03-08 06:00 (UTC).
“Any remaining NGN balances in users’ Spot and Funding wallets will be converted by Binance into USDT on their behalf after 2024-03-08 08:00 (UTC) at a ratio of 1 USDT = 1,515.13 NGN.”Please be aware that the conversion rate is determined by averaging the USDT/NGN trading pair’s closing price over the previous seven days on Binance Spot.It could take up to 24 hours or more to complete the conversion.
Following that, USDT tokens will be credited to users’ Spot wallets, and users can verify that they have received the tokens by visiting the Convert History page.
“After the conversion, users will each receive 0.00000001 USDT in their Spot wallets if they have less than 0.00000001 USDT worth of NGN in their Funding and Spot wallets.”It was reported that at least two senior executives of the cryptocurrency exchange company Binance had been arrested by the Federal Government.
The Financial Times reported that both executives had flown into Nigeria last week after their websites were banned. They were detained and had their passports confiscated by National Security Adviser office officials.
The government was clamping down on cryptocurrency exchanges in an attempt to curb naira speculation when the arrest occurred.
In an effort to stop what it views as ongoing manipulation of the foreign exchange market and unlawful money transfers, the Nigerian Communications Commission, acting on behalf of the government, recently blocked the online platforms of Binance and other cryptocurrency companies.
Furthermore, it dispatched agents from the Economic and Financial Crimes Commission to apprehend Bureau De Change operators located in Abuja’s Popular Wuse Zone 4.
Instead of showing up in person before the House Committee on Financial Crimes on Monday as scheduled, the executives of the foreign company sent attorneys to represent them.
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