Overview

• Binance announces the discontinuation of all Nigerian naira services amid legal disputes and regulatory scrutiny in Nigeria.
• The Nigerian government has accused Binance of currency manipulation, tax evasion, and illegal operations, demanding nearly $10 billion in compensation.
• Nigeria's central bank claims $26 billion passed through Binance Nigeria, raising concerns over illicit financial flows.
• Binance users are urged to withdraw or convert their Nigerian naira assets before the service discontinuation, with remaining balances to be converted to USDT.
• The situation highlights the challenges of operating in Nigeria's significant but complex cryptocurrency market.