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International Business Times
International Business Times
Business
Marvie Basilan

Binance Announces Halt To Naira Services Amid Nigeria's Crypto Crackdown

Binance Crypto Nigeria Richard Teng Bitcoin Bitcoin Foundation
Binance has taken a severe hit since crypto markets collapsed and regulators began probing the legality of its business. (Credit: AFP)

KEY POINTS

  • Binance will halt all NGN withdrawals Friday after it discontinued NGN deposits Tuesday
  • Binance Convert will be delisted early Thursday, the exchange said
  • Binance CEO Richard Teng has reportedly been summoned by a Nigerian House committee

Binance on Tuesday announced that it "will discontinue all Nigerian Naira (NGN) services following allegations that the world's largest cryptocurrency exchange by trading had been facilitating "suspicious flows."

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