Binance plans to discontinue its Nigerian Naira (NGN) services following increased scrutiny from the country’s regulators.
The crypto exchange will delist any existing NGN pairs by Thursday, and on Friday any remaining NGN balances in a user account will be converted to USDT.
“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” a company blog post said on Tuesday.
Nigerian regulators have been investigating the exchange, which is not authorized to operate in the country. The House of Representatives’ Committee on Financial Crimes summoned Binance CEO Richard Teng to appear by March 4 to address the investigations into alleged money laundering and terror financing.
Before the investigation, two Binance executives had reportedly been detained following an investigation in February. The executives were not charged at that point, but they could face allegations of currency manipulation, tax evasion and illegal operations.
