Key Takeaways
- Binance to discontinue Nigerian Naira services due to regulatory scrutiny.
- NGN services will be delisted, and balances converted to USDT.
- Binance CEO Richard Teng summoned by Nigerian House of Representatives.
Binance plans to discontinue its Nigerian Naira (NGN) services following increased scrutiny from Nigerian regulators.
The exchange is not authorized to operate in Nigeria and has faced allegations of operating illegally and manipulating the country’s exchange rate.
Discontinuation of NGN services
Binance will delist any existing NGN pairs by Thursday, and remaining NGN balances will be converted to USDT on Friday.
Users are encouraged to withdraw NGN or convert it to other crypto before the discontinuation.
Investigations and Summons
The House of Representatives’ Committee on Financial Crimes has summoned Binance CEO Richard Teng to address investigations into alleged money laundering and terrorist financing.
Two Binance executives were also reportedly detained in February, with potential allegations of currency manipulation, tax evasion, and illegal operations.
