LAGOS, Nigeria (VOICE OF NAIJA) – The leading cryptocurrency exchange by volume, Binance has finally bow to Nigerian government pressure.
Binance has discontinued all services related to Nigerian currency on its platform.
This development came barely twenty-four hours after the House of Representatives Committee on Financial Crimes summoned Binance CEO Ruchard Teng over money laundering and terrorism financing.
voiceofnaija.ng reported on March 4th that two Binance executives were detained in the country in February, after the company’s founder failed to appear before the Committee.
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Binance released an official statement on its website stating that the Nigeria Naira Services would stop operating on the platform
The statements read “The crypto exchange will discontinue any existing NGN pairs by Thursday, and on Friday any remaining NGN balances in a user account will be converted to USDT.”
The company also encouraged users to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
The NGN also experienced a significant drop in trade after announcements by the crypto exchange.