Binance to cease Nigerian currency services amidst legal dispute intensification
- Starting this Friday, any remaining naira balances in user accounts on Binance will be automatically converted to Tether.
- The Nigerian government has accused Binance of manipulating foreign exchange rates through currency speculation and rate fixing, and has demanded almost $10 billion in compensation.
On Tuesday, Binance declared that it would stop all Nigerian naira services due to an ongoing legal dispute between the U.S. cryptocurrency company and Africa's most populous country.
Starting this Friday, any remaining naira balances in user accounts on Binance will be automatically converted to a cryptocurrency stablecoin pegged to the U.S. dollar.
The company will not accept Naira deposits after 2 p.m. UTC on Tuesday and will stop processing Naira withdrawals at 6 a.m. UTC on Friday, according to the announcement.
The Nigerian government has accused Binance of manipulating foreign exchange rates and demanded almost $10 billion in compensation. Additionally, two of Binance's senior executives were arrested last week.
Over the past few months, Africa's largest economy, Nigeria, has experienced a significant decline in the value of its currency, the naira, with almost 70% of its value lost. This has resulted in a currency crisis and rising inflation.
Markets
You might also like
- Powell hints at additional rate cuts, but emphasizes that the Fed is not following a predetermined path.
- Jerome Powell, the Federal Reserve Chair, will deliver a live speech on his views on the economy and policy.
- The FTC has approved the Chevron-Hess merger, but has barred John Hess from serving on the board.
- In 16 years, China stocks experienced their best day, causing U.S. ETFs to surge.
- In September, the U.S. is on track to experience its third consecutive monthly decline in crude oil.