(Finance) – Binance will stop all services in Nigerian Nariaamid a nationwide crackdown on cryptocurrency exchanges accused by authorities of fueling a black market in foreign currency.
The world’s largest digital currency exchange declared that, starting from this Friday 8 Marchall naira balances remaining in users’ accounts will be automatically converted into Tether.
Nigeria is one of the world’s largest cryptocurrency markets, but the Nigerian government has sought nearly $10 billion in compensation from Binance, which it accuses of manipulating exchange rates through currency speculation and rate fixing.
Last week, as part of the crackdown, Nigerian authorities arrested two senior Binance executives on undisclosed charges.