Binance Exits Nigerian Market: NGN Services Discontinued

Binance has decided to cease all services involving the Nigerian naira (NGN). The announcement, made on March 5, marks a complete exit from the Nigerian market for the exchange.

Effective March 8, Binance will suspend all NGN withdrawals. Users are urged to withdraw their NGN balances or convert them to cryptocurrency before this date, as any remaining NGN will be automatically converted to the Tether stablecoin.

The conversion rate for NGN to USDT will be determined based on the average closing price of the USDT/NGN trading pair on Binance Spot over the last seven days. NGN deposits will be immediately suspended after 2:00 pm UTC on March 5.

All trading pairs involving NGN will be removed from Binance on March 7. Additionally, Binance Pay will eliminate NGN as a supported payment option on March 6

Binance email circular

Binance Undergoing Regulatory Scrutiny and Passport Confiscations

This decision comes amidst heightened regulatory scrutiny in Nigeria. The Central Bank of Nigeria has expressed concerns over illicit transactions and suspicious fund flows associated with crypto exchanges, particularly pointing to Binance.

Furthermore, reports emerged that Nigeria’s National Security Adviser confiscated the passports of two Binance executives in Abuja, alleging illicit activities. The executives, citizens of the United States and the United Kingdom, have faced increasing pressure from Nigerian authorities.

Calls for CEO Appearance

As tensions rise, the Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to address concerns regarding the exchange’s operations in Nigeria. The committee has issued an ultimatum for Teng to appear before March 4, underscoring the seriousness of the situation.