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Binance to Stop Services in Nigerian Naira Amid Crackdown on Crypto ExchangesTechnology NewsNewsHome Binance to Stop Services in Nigerian Naira Amid Crackdown on Crypto ExchangesBy ReutersMarch 5, 2024|SaveMoreMore
REUTERSFILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - Binance will stop all transactions and trading in Nigeria's local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether - a stablecoin whose value is pegged to the U.S. dollar.Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.MORE: Places the U.S. Government Warns Not to Travel Right NowThey were still in custody, their local lawyer said before a parliamentary committee on Monday.(Reporting by Pritam Biswas in Bengaluru and MacDonald Dzirutwe in Lagos; Editing by Arun Koyyur)Photos You Should SeeView All 60 ImagesCopyright 2024 Thomson Reuters.
Tags: Africa, United States, blockchain, Nigeria
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