Binance Discontinues Naira Services Amid Government Scrutiny

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Binance, a major crypto exchange, announced the discontinuation of its services supporting the Nigerian naira (NGN) on its platform, effective from Tuesday.

The decision comes amidst accusations of manipulating the value of the Nigerian currency. In a notice posted on its website, Binance stated that any remaining naira balances in user accounts will be automatically converted to Tether (USDT), a cryptocurrency stablecoin pegged to the US dollar, starting Friday.

The exchange will cease supporting NGN deposits and withdrawals after specific deadlines mentioned in the notice.The announcement follows the Federal Government’s demand for nearly $10 billion in compensation from Binance for alleged currency manipulation via currency speculation and rate fixing on its platform.

Source: PUNCH

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