Binance to halt naira services amid ongoing regulatory probe in Nigeria
- Binance will discontinue its naira (NGN) services in response to heightened regulatory scrutiny in Nigeria.
- The cryptocurrency exchange will begin delisting any existing NGN spot trading pairs by Thursday, March 7.
- Last week, the Central Bank of Nigeria accused Binance of facilitating “illicit flows from sources and users who we cannot adequately identify” to the tune of $26 billion.
The discontinuation of Binance's NGN services in Nigeria is a significant blow to the cryptocurrency exchange. The heightened regulatory scrutiny and ongoing legal dispute pose challenges for Binance's operations in Africa's top crypto market. The detention of Binance officials and the threat of arrest warrants further exacerbate the situation.
