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
- Trump's Treasury pick, Bessent, is a hit with U.S. stock and bond markets.
- Warren Buffett opposes the formation of family wealth dynasties and donates $1.1 billion.
- The potential impact of Trump's Treasury secretary nominee on global financial markets.
- As investors back Trump's Treasury secretary nominee, inflation data awaits and treasury yields decline.
- Banco BPM to be Acquired by UniCredit for $10.5 Billion