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Binance to halt Naira services in Nigeria

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Binance, a leading cryptocurrency trading platform, has announced its decision to cease all Naira services by March 8, 2024. This move comes in response to recent regulatory scrutiny and actions against the platform by Nigerian authorities.

The decision follows comments made by Mr. Bayo Onanuga, special adviser on Information & Strategy to President Bola Tinubu, who called for action against platforms using cryptocurrency exchanges to manipulate the value of the naira. Onanuga advocated for the outlawing of cryptocurrency channels in Nigeria, citing concerns over currency devaluation.

In a message to its users, Binance stated that it would stop supporting naira deposits from March 5, 2024. The company assured users that all NGN balances in their accounts would be converted to USDT. Users were advised to withdraw their NGN, trade their NGN assets, or convert NGN into crypto before the discontinuation of these services.

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