Cryptocurrency trading platform, Binance, has urged Nigerian Traders to Withdraw Naira Assets as It Ends Services in the Country.
This follows the recent crackdown by the Federal Government, aiming to address the high instability in the forex market.
In response to this, the platform has removed all assets associated with the naira amid a clampdown by Nigerian authorities.
In a statement issued on Tuesday, the platform noted that, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
Binance added that 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.”
This comes after the government blamed Binance for being responsible for triggering the problems in the Nigeria FX market.
Recall that, on Monday, the House of Representatives threatened to issue a warrant of arrest on the company’s Chief Executive Officer, Mr Changpeng Zhao.
The chairman of the committee, Ginger Onwusibe, said members of the panel had resolved “not to entertain” any representatives apart from the executives of Binance.
“Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands,” Onwusibe said.
Binance 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.
The crypto platform is being accused of manipulating the country’s currency leading to its steady fall against other currencies. Some of its executives are also currently being detained by the Nigerian government.
