Binance to Suspend Naira Services Amid Heightened Regulatory Scrutiny in Nigeria

Fazzaco learned that Binance will terminate its naira (NGN) services to cope with the ongoing regulatory probe in Nigeria. Last month, the crypto giant was faced with a ban​ in the country, which alleged that Binance involved in manipulating FX rates through currency speculation and rate fixing.

Today (Wednesday, March 6), Binance will delist NGN services on its auto-invest tool and remove the currency from the list of supported payment options on Binance Pay. It will start to delist any existing NGN spot trading pairs by Thursday, March 7.

The exchange advised users to withdraw, trade or convert their NGN assets into crypto before the NGN services is discontinued. Any remaining NGN balances in users' spot and funding wallets will be converted to USDT on Friday, March 8.

Last week, the Central Bank of Nigeria prosecuted Binance for facilitating "illicit flows from sources and users who we cannot adequately identify" amounting to $26 billion.