(Bloomberg) -- Binance will halt all support for trading using Nigeria’s Naira currency, after coming under fire from the country’s government. 

  • Binance will no longer support Naira deposits from March 5, according to an announcement published on its website on Tuesday. It will halt withdrawals made in Naira from March 8
  • After March 8, Binance will convert any remaining Naira-denominated balances in user wallets into the stablecoin USDT
  • All existing Naira spot trading pairs, including those that allow users to trade Naira for Bitcoin and USDT, will be delisted from March 7. Binance had already delisted all Naira trading pairs on its peer-to-peer platform on Feb. 28, the announcement said
  • NOTE: Nigerian authorities detained two Binance executives at the end of February, days after the central bank governor said that the nation is losing out on taxes from unregistered crypto exchanges
    • Nigeria Detains Binance Executives in Overseas Tax Crackdown

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