Binance Restricts Nigerian Crypto Accounts on Security Concern (2024)

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Binance Restricts Nigerian Crypto Accounts on Security Concern? ›

Olaleye Oladimeji, partner at Legalpreneur Attorneys and Consulting in Lagos, explains that these issues have caused Binance “to suspend services to Nigerians and delist Nigerian naira-linked trading pairs due to the legal issues, and several other exchanges took similar steps to suspend service availability to ...

The world's biggest cryptocurrency exchange Binance is halting operations in Nigeria's naira currency as the government puts cryptobusinesses under increasing scrutiny.

Afterwards, the Economic and Financial Crimes Commission (EFCC) accused Binance of laundering more than $35m (£27.5m) through its platform. In a separate suit, Nigeria's tax authority alleged that the company had not registered for remittance purposes in Nigeria and was therefore guilty of tax evasion.

ABUJA, June 14 (Reuters) - Nigeria dropped tax evasion charges against two Binance executives on Friday after the world's largest crypto exchange appointed a local representative to face all court processes relating to the allegations on its behalf.

The Nigerian government had earlier blocked the online platforms of Binance and other crypto firms to halt what it described as continuous manipulation of the forex market and illicit movement of funds.

Last year the Nigerian Securities and Exchange Commission (SEC) declared that “Binance Nigeria is neither registered nor regulated by the Commission and its operations in Nigeria and are therefore illegal.

#Binance Removes Naira From P2P Platform: The Nigerian government has accused #cryptocurrency exchange Binance of contributing to the devaluation of the Nigerian Naira. As a result, Binance has removed the Naira from its peer-to-peer (P2P) trading platform.

Nigeria has blamed Binance for its currency woes after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira currency, as the country grappled with chronic dollar shortages.

On your Binance account, Convert your NGN to USDT. 4. Send USDT from Your Binance to your Exness account as a deposit, then withdraw as NGN into your local bank — even online banks like opay, and kuda is supported.

Binance CEO Richard Teng expressed strong dissatisfaction with the actions of the Nigerian authorities, condemning their treatment of Binance executives, especially the detention of Tigran Gambaryan.

How much does Binance charge in Nigeria? ›

Nigeria's tax authority charged Binance with tax evasion, local news outlets reported Monday. The charges come after a tense few weeks during which two senior executives of the crypto exchange were detained by authorities. Local media reported that one of the two executives escaped and may have left the country.

Binance Stops Naira Transactions; Ceases Operations in Nigeria. One of the biggest cryptocurrency exchanges globally, Binance, has chosen to leave the Nigerian market. They've made it known that they're stopping all services connected to Nigeria's fiat currency, the naira.

The Philippines' Securities and Exchange Commission sent letters to Google and Apple requesting the removal of Binance apps from their respective app stores. The agency accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker.

It lifted a 2021 ban imposed by the bank's past leadership and indicated it would issue licenses for trading virtual assets. But no licenses have been issued yet, with a ban of some sort looking more likely instead.

In March 2024, Binance announced that it would no longer accept naira deposits or withdrawals as it discontinued all Nigerian naira services, including naira trade on its P2P platform.

Binance added 21 banks across the African continent; however, 12 or 57% of those banks are Nigerian banks which include: Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, Union Bank of Nigeria.