Economy
Binance Pulls Out Of Nigeria, Suspends Naira Services
Cryptocurrency trading platform, Binance, has asked Nigerians trading on its exchange to withdraw all their naira assets, indicating that it is discontinuing its services in the country..
In a bid to tackle the high level of instability in the forex market, the Federal Government had cracked down on Binance executives.
On Tuesday, it removed all assets associated with the naira amid a clampdown by Nigerian authorities on the platform.
“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” the platform said.
Binance said from “2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate.”
This comes after the government blamed Binance for being responsible for triggering the problems in the Nigeria FX market.
On Monday, the House of Representatives threatened to issue a warrant of arrest on the company’s Chief Executive Officer, Mr Changpeng Zhao.
This followed no response from representatives, who were asked to appear before its committee.
Ginger Onwusibe, chairman of the committee, said members of the panel had resolved “not to entertain” any representatives apart from the executives of Binance.
“Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands,” Onwusibe said.
Binance executives had not appeared before the committee because two employees, who were to appear at the meeting, were arrested upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA) last week.
This comes amidst ongoing rancour with the Nigerian government over Binance operations in the country.
The crypto platform is being accused of manipulating the country’s currency leading to its steady fall against other currencies. Some of its executives are also currently being detained by the Nigerian government.
“FC dey do too much” – Video of a Wizkid die-hard fan bathing with a JBL speaker as he dances to the singer’s hit song “Dance” stirs the internet (Watch)
Moment Soldiers Brutalized Man For Not Leaving Road For General (Video)
Five soldiers k!lled, 10 wounded and four missing as Boko Haram attacks troops in Borno
17-year-old Delta student allegedly ass@ulted and locked inside dog cage by his female classmate’s father and brothers for visiting her
Ned Nwoko reveals how Regina Daniels rejected so many suitors just to be with him (Video)
Cardi B queries son over relationship status, gives shocking response
Four boys banished for life from upper-Benin over alleged g@y act (Video)
Trump announces plan to use military for mass deportation of Nigerians and others
-
Lifestyle1 day agoFour boys banished for life from upper-Benin over alleged g@y act (Video)
-
News1 day agoTrump announces plan to use military for mass deportation of Nigerians and others
-
Celebrity Gossip & Gist1 day agoMixed reactions as singer Wizkid gives his colleague Davido a nickname
-
News1 day ago“The best way to honor Ifeanyi Ubah is to release Nnamdi Kanu so that the Igbos can go home and reorganise their place” – Senator Rochas Okorocha tells FG