🚨 Binance Halts Naira Services Amid Regulatory Woes: What You Need to Know  🇳🇬

🚨 Binance Halts Naira Services Amid Regulatory Woes: What You Need to Know 🇳🇬

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#crypto
#payments
#legal
In a significant development, Binance, the world's largest cryptocurrency exchange, is set to discontinue all its Naira services starting March 8. Amidst ongoing regulatory challenges in Nigeria, the exchange will cease Naira deposits after March 5, with withdrawals ending on March 8. Here's a quick rundown of the key details and implications for users.

Binance, facing regulatory hurdles in Nigeria, has announced the suspension of all Naira services starting March 8. Naira deposits will be halted after March 5, and withdrawals will cease on March 8. Any remaining NGN balances will be automatically converted to USDT, with NGN spot trading pairs being delisted on March 7. The move follows the recent arrest of two Binance executives by Nigeria's National Security Adviser (NSA) and the imposition of a $10 billion fine, allegations the exchange denies. The decision raises concerns amid the shifting regulatory landscape for crypto in Nigeria.


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