Binance Stops Depositing In Nigeria

Popular cryptocurrency exchange Binance stopped depositing in the country after the Nigerian ban.

Binance, the world's leading popular cryptocurrency exchange, stops depositing money in Nigeria. Nigeria's Central Bank (CBN) temporarily suspended deposits after ordering all banks to close the accounts of cryptocurrency transactors. Yesterday, in the letter sent to banks by the Central Bank of Nigeria, it was reminded that it was forbidden to carry out cryptocurrency transactions or to provide services for crypto exchanges, and it was stated that all banks were asked to identify the persons/institutions that make cryptocurrency transactions or operate crypto exchanges, and that associated accounts be closed immediately. However, it was noted that severe sanctions would be imposed in case of violation of this order. In the statement made by Binance after this move of CBN, it was stated that Nigeria's official currency Naira payment partners stopped their deposit services until the next announcement, and that the Nigerian Naira deposits were temporarily suspended. The move by the Central Bank of Nigeria came a few months after protesters in the country used Bitcoin to raise money.