Categories: Regulation News

Nigerian deposits suspended by Binance following CBN’s mandate

TR;DR Breakdown:

  • CBN orders traditional banks to end assocition with cryptocurrency exchanges.
  • Binance issues directive to end Nigerian deposits.

Following the new request of the Central bank of Nigeria to boycott digital currencies and crypto trade, Binance has suspended Nigerian deposits. Clients of the trading exchange can presently not deposit cash in Nigerian Naira. The exchange took this choice after the CBN delivered a letter directing that all neighborhood banks ought to end any record related to cryptocurrency trades.

In the letter, CBN expressed that a relationship with any crypto-related body is an infringement of 2017 circular, which showed that it is unlawful to exchange Bitcoin and some other digital currency. Although the CBN’s move may influence the country’s exchanges in fiat cash, trading will be unaffected as more significant parts of the country will start utilizing P2P (peer-to-peer) outlets. 

The choice to drop Nigerian deposits came after its residents utilized Bitcoin to accumulate assets in the fights against SARS and terrible administration. Protesters used BTC because banks on the side of the protests were closed down. 

Nigerian deposits: Binance suspends payment in Naira

As per Binance, in association with NNP (Nigerian Naira Payment), Nigerian deposits have been suspended, yet Nigerians are encouraged to remain quiet while the condition is being taken care of. Nigerian deposits on Binance were suspended yesterday, 5th February 2021, at 7 PM. 

For now, withdrawals can, in any case, be made previously, yet it might take longer than expected, the organization offered in an expression. 

Nigerians voice out disappointment on social media

According to information from SproutSocial, Nigerians proceeded to Twitter to voice out their uneasiness concerning the CBN’s new decision, utilizing the hashtag #WeWantOurCryptoBack multiple times. Notwithstanding, principal crypto-financial backers accept that crypto reception won’t be influenced, encouraging Nigerians not to panic. 

Tosin Olugbenga, a Nigerian blockchain expert, revealed to Coinbase that the CBN gave the mandate since they found that numerous Nigerians changed over their Fiat currency into cryptocurrency. Adding that exchanging will proceed in P2P trades once the air is cleared concerning the issue. 

Presently, the Nigerian Central bank has not dropped an explanation behind denying digital forms of money which affects Nigerian deposits. In any case, there is agitation in social media as Nigerians continue to express their disappointment. 

This post was last modified on February 9, 2021 6:39 am

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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