Popular cryptocurrency trading platform, Binance has informed its users in Nigeria that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8, 2024.
This is coming as the online trading platform has been at loggerheads with the Nigerian government over the free fall of naira against US Dollar at parallel foreign exchange market.
according to some reports on March 1, that the Nigerian government demanded $10 billion as a fine from the cryptocurrency trading platform, Binance.
This was confirmed by Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, on Friday morning.
The presidential aide said the fine was demanded for the illegal operations of Binance which contributed hugely to the devaluation of the country’s currency, naira in recent times.
“The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the exchange rate for the country,” Onanuga was quoted as saying by BBC.
SaharaReporters also reported on March 4, that the Nigerian National Assembly has agreed to issue warrants of arrest against executives of cryptocurrency platform, Binance.
This decision came after a resolution was passed to that effect by the House of Representatives Committee on Financial Crimes during a hearing on a petition brought against the crypto firm.
This lawmakers’ resolution is coming after Nigerian government had taken series of actions to clamp down on the operations of the giant cryptocurrency trading company.
SaharaReporters had reported how Binance removed Nigerian currency, Naira from its peer-to-peer feature last Wednesday.
However, the platform on Tuesday indicated interest to the leave the country. The users were, however, advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before the March 8 deadline.
In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance’s range of services, the platform indicated.
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