Binance to Cease Nigerian Naira Services Amid Regulatory Disputes

The cryptocurrency exchange faces legal challenges and government scrutiny in Nigeria, with accusations of currency manipulation and a demand for nearly $10 billion in compensation.

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.