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Binance suspends Nigeria deposits after central bank ban

Monday 8 February 2021 11:10 CET | News

Binance has temporarily suspended deposits in NGN (Nigerian naira) in response to a letter from Nigeria’s central bank (CBN) instructing banks to close crypto accounts.

The CBN letter told local banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating Bitcoin (BTC) and other cryptocurrencies are not legal tender in the country. While the move might impact fiat on- and off-ramps, most of the nation’s crypto trading occurs on peer-to-peer platforms and remains unaffected.

Withdrawal services remain normal and will continue to be processed but might take slightly longer time than usual, as representatives said. So far, the CBN has not provided an official reason for the sudden order that is sending panic through social media. 

Nigeria is the latest government to take an interest in regulating the space: India is once again considering a ban on private cryptocurrencies. Meanwhile, the president of the European Central Bank, Christine Lagarde, said bitcoin facilitates questionable transactions and should be regulated on a global scale.

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Keywords: Binance, Nigeria, Bitcoin, CBN, crypto accounts, crypto trading, cryptocurrency
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Nigeria
This article is part of category

Blockchain & Cryptocurrencies