On Tuesday, Binance announced the discontinuation of all Nigerian naira services in response to an ongoing legal dispute between the U.S. cryptocurrency firm and Africa’s most populous country.
In a website update, Binance stated that effective this Friday, any remaining naira balances in user accounts will be automatically converted to Tether, a cryptocurrency stablecoin pegged to the U.S. dollar. The company will cease support for Naira deposits after 2 p.m. UTC on Tuesday and halt withdrawals of the currency after 6 a.m. UTC on Friday.
Nigeria, known as one of the world’s largest crypto markets, has demanded nearly $10 billion in compensation from Binance. The Nigerian government has accused the firm of manipulating foreign exchange rates through currency speculation and rate fixing. Recent reports suggest that two senior executives of Binance were arrested last week in connection with these allegations.
Source (CNBC)
