{"id":11314,"date":"2024-03-05T15:43:01","date_gmt":"2024-03-05T13:43:01","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-to-cease-nigerian-naira-services\/"},"modified":"2024-03-05T15:43:01","modified_gmt":"2024-03-05T13:43:01","slug":"binance-to-cease-nigerian-naira-services","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-to-cease-nigerian-naira-services\/","title":{"rendered":"Binance to Cease Nigerian Naira Services"},"content":{"rendered":"<p>Starting March 5, cryptocurrency exchange Binance will gradually <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144\">discontinue all services involving the Nigerian naira<\/a> (NGN), including P2P, Binance Pay, and Invest services.<\/p>\n<p>Deposits in NGN will cease from March 5 at 14:00 UTC (15:00 WAT). On March 7 at 03:00 UTC, all existing spot trading pairs with this fiat currency, BTC\/NGN and USDT\/NGN, will be removed. Orders for these pairs will be automatically closed.<\/p>\n<p>Users are advised to withdraw funds in naira or convert them to cryptocurrency by March 8 at 06:00 UTC.<\/p>\n<p>From March 8 at 08:00 UTC, all remaining NGN balances in user accounts will be automatically converted to USDT.<\/p>\n<p>The restrictions are being implemented amid an ongoing investigation by Nigerian authorities into Binance, accusing it of illegal activities in the country and manipulating the naira exchange rate.<\/p>\n<p>Previously, the local House of Representatives Committee on Financial Crimes summoned Binance CEO Richard Teng for questioning.<\/p>\n<p>Before this, two Binance employees were <a href=\"https:\/\/u1f987.com\/en\/news\/binance-executives-detained-in-nigeria-amid-cryptocurrency-crackdown\">detained<\/a> by Nigerian security agencies. According to <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/02\/29\/nigeria-detains-binance-executives-as-it-investigates-the-crypto-exchange-reports\/?_gl=1*3iixnj*_up*MQ..*_ga*MTI4MTgzNDMzLjE3MDk2MzU2MzI.*_ga_VM3STRYVN8*MTcwOTYzNTYzMS4xLjEuMTcwOTYzNTYzNy4wLjAuMA..\">Bloomberg<\/a>, they may face charges of currency manipulation, tax evasion, and illegal operations.<\/p>\n<p>In early March, media reported that the country&#8217;s authorities allegedly demanded $10 billion in compensation from Binance. However, both the exchange and Nigerian presidential adviser Bayo Onanuga later denied this information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting March 5, cryptocurrency exchange Binance will gradually discontinue all services involving the Nigerian naira (NGN), including P2P, Binance Pay, and Invest services. Deposits in NGN will cease from March 5 at 14:00 UTC (15:00 WAT). On March 7 at 03:00 UTC, all existing spot trading pairs with this fiat currency, BTC\/NGN and USDT\/NGN, will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,150,436],"class_list":["post-11314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-nigeria","tag-trading"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11314"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11313"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}