Binance say dem go stop all service wey dem dey provide for di Nigeria Naira Service.
Di biggest cryptocurrency exchange for world say, from di 8 of March all di Naira service wey e dey provide for Nigeria crypto traders go stop.
For statement wey di exchange post for dia platform, e say: “Binance go remove NGN from di list of supported payment options on Binance Pay.”
Di announcement come afta Nigerian goment block access to di platform for February on top accuse of plenty mago-mago.
Di goment say di cryptocurrency platform dey make di kontri lose plenty money becos dem dey fix exchange rate.
Goment add say Binance dey influence di increase in foreign exchange rates as par dem dey speculate di Nigeria currency and dis don make di Naira fall by almost 70% in recent months.
But wetin be Binance?
And wetin Binance withdrawal of Naira Service mean for Nigerians?
Wetin be Binance?
Binance na di world largest exchange for buying and selling cryptocurrencies plus oda digital assets.
E get estimate of 150 million users. dem base for China before, Binance headquarters later move go Malta, although dem register for tax for di Cayman Islands.
So, how cryptocurrency take dey work?
Simply put, cryptocurrencies na digital money dem dey use online. Dem no dey siddon for your pocket like bank notes or coins – dem dey completely virtual. Although we no fit see or touch cryptocurrencies, dem dey valuable.
You fit store Cryptocurrencies for digital wallet on your smartphone or computer, and owners fit send dem to pipo to pay for tins. Dem fit also use am trade online on an exchange like Binance.
No more deposit or withdrawal
Di decision by di number one cryptocurrency exchange for world to stop Naira service go affect Nigerians wey dey di crypto business no be small.
E mean say di exchange no go fit support any trading wey dey in Naira, weda na to deposit money to take buy crypto, or withdraw money from crypto in di form of Naira.
Meaning say, even though Binance no ban Nigerians from dia platform, any any pesin wey wan buy or sell dia crypto now dey on dia own, and dem gatz go find oda ways to take change dia money from crypto to Naira or to remove from and send money go dia bank account.
E no at all means say Nigerians no go fit trade crypto for di exchange, in fact, for now, nothing dey stop dem from buying and selling crypto, as long as dem no carry Naira enta di mata.
Di gbas gbos between Nigeria goment and Binance enta anoda level wen Nigeria goment arrest two Binance executives.
Security agencies don dey question di two executives ova di allegations say di platform dey assist in money laundering, and financing terrorism among oda allegations.
Nigerians get till 8 March
Meanwhile, di company for statement on 5 March say, di exchange platform go delist or remove NGN deposit and withdrawals.
Dis one mean say dem no go accept any Naira deposit again, and from 8 March, dem go automatically convert any remaining Naira balances for wey users still get to Usdt or Tether stablecoin, send am to dia Binance accounts.
Di statement make am clear say Nigerians get until 8 March to withdraw dia Naira assets and any NGN wey dem no withdraw by dat date, dem go covert am to Usdt.
“Binance go discontinue all Nigerian Naira (NGN) services as per di timeline below. Users dey encouraged to withdraw NGN, trade dia assets or convert NGN into crypto before di discontinuation of these NGN services”.
Di statement add say dem go calculate di conversion rate based on di average closing price of di USDT/NGN trading pair on Binance spot for di last seven days.
Di company tok for di statement, explain give dia customers say:
- Binance no go support deposits of NGN afta 2024-03-05 14:00 (UTC).
- Withdrawals of NGN no go dey supported afta 2024-03-08 06:00 (UTC).
- Afta 2024-03-08 08:00 (UTC), Binance go convert any remaining NGN balances for users’ Spot and Funding wallets into USDT on behalf of users at ratio of 1 USDT = 1,515.13 NGN.
- Please note say di conversion rate go dey calculated based on di average closing price of di USDT/NGN trading pair on Binance Spot in di last seven days.
- Di conversion fit take approximately up to 24 hours or longer. Dem go credit USDT tokens to users Spot wallets thereafter, and users fit confam receipt of di tokens via di Convert History page.
- If users hold less dan 0.00000001 USDT worth of NGN for dia Spot and Funding wallets, dem go each receive 0.00000001 USDT for dia Spot wallets afta di conversion.
Who be Changpeng ‘CZ’ Zhao?
Controversial founder of Binance, Changpeng Zhao, bin resign as chief executive for 2023 afta e pleading guilty to money laundering violations.
Sake of dat, one US judge recently approve one plea deal, wey mean say Binance go pay $4.3 billion (£3.4bn) – one of di largest criminal penalties for US history.
Di US Justice Department wey fine di firm tok say Binance don help users bypass sanctions – wey make am easy for criminals and terrorists to move money. Dem highlight transactions from Syria, Iran and Russia.
Di US Securities and Exchange Commission tok say di trading platform and Zhao ignore di rules wey dey to protect investors, in order to keep operating for di US.
Singaporean, Richard Teng na di current chief executive officer (CEO).
Di disappearance of dis six-year-old girl dey shake South Africa