By Ken Chiwendu
Binance Holdings, the largest cryptocurrency trading exchange has announced the withdrawal of its services in Nigeria following the crackdown of its executives by the Federal Government.
Towards the development,it has asked Nigerians trading on its exchange to withdraw all their naira assets.
“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance said on Tuesday.
The platform said from “2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate.”
The government had blamed Binance for being responsible for the problems in the Nigeria Forex market.
The House of Representatives equally threatened to issue a warrant of arrest on the company’s Chief Executive Officer, Mr Changpeng Zhao for failing to appear
before its committee on Financial Crimes.
The company’s executives had not appeared before the committee because two employees, who were to appear at the meeting, were arrested upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA) last week.
