Nigerian authorities made a significant statement yet, by the closure of Binance, a leading cryptocurrency platform. Binance has ceased any transactions involving the Naira as of 28th February 2024, and has ceased its operations in Nigeria entirely.
The Binance website, which had a Naira P2P (Peer-to-Peer) exchange, has advised its users to withdraw, trade, or convert their Naira to other asset forms by 8th February, 2024. The move comes as a directive from the Nigerian government to clamp down on crypto-currency platforms. The company has stated that its automatic conversion will be ₦1,515 to 1 USDT, which has been the going rate for the last week.
Prior to its closure, various signs were visible, albeit rife with rumors, with the company’s website lacking buy or sell ads. With various telecommunication companies blocking access to various cryptocurrency sites, many have speculated that the move strangely coincided with the Naira’s recent freefall. Companies such as Coinbase and Quidax couldn’t be accessible through telcos such as MTN and Airtel.
