After the Nigerian government threatened fines and possible arrests, Binance announced it planned to end support for the naira. by Katherine Ross /. March 5, 2024 08:59 am. ymcgraphic/Shutterstock modified by Blockworks. Binance said it’s discontinuing all Nigerian naira services following reports that Nigeria was investigating the company and contemplating actions against it.. Binance said Tuesday that it would stop accepting naira deposits starting March 5, and would not allow withdrawals of NGN starting Friday.. “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance’s announcement said.. If users don’t withdraw their naira before Friday, Binance said it’ll be converted to USDT.. “​​We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth,” the announcement said.. Read more: Binance’s woes in Nigeria continue to mount. The announcement comes after several reports that Nigeria was looking to crack down on Binance. Last Friday, a government official said the country was looking to impose a fine of up to $10 billion on Binance, however, the company told a local media outlet that it hadn’t heard about a $10 billion fine.. The official then said his quotes to BBC’s pidgin language service had been misrepresented and that he hadn’t said the fine would definitely be $10 billion.. Other government officials reportedly summoned CEO Richard Teng to appear in front of the House of Representatives to address allegations, with Bloomberg reporting that Binance could face formal allegations of currency manipulation, tax evasion and illegal operations.. Two executives were reportedly detained last week, though a spokesperson clarified to the media outlet that they hadn’t been formally arrested.. Nigeria’s central bank governor, Olayemi Cardoso, named Binance in a press conference at the end of February, claiming that $26 billion passed through Binance Nigeria.. Binance didn’t respond to multiple requests for comment about the ongoing situation.. Don’t miss the next big story – join our free daily newsletter.. Tags. Binance. Nigeria. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Day 0x. HYATT REGENCY SALT LAKE CITY. TUES, OCT. 8, 2024. Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, . . learn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains. Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.. by Boccaccio. more from news. Select a tab. Albert Meo, most recently the executive director of regulatory policy at Morgan Stanley, has been named chief financial officer of Prometheum. by Casey Wagner /. March 4, 2024. The iShares Bitcoin Trust saw about 40% of the 10-fund category’s trading volumes last week, hitting $10 billion in assets under management. by Ben Strack /. March 4, 2024. Punk 3100 is one of nine “alien” CryptoPunks, the rarest group in the collection. by Jack Kubinec&Bessie Liu /. March 4, 2024. Ether is a commodity just up until the point it is not, or, ether is not a commodity just up until the point it is — whichever you prefer. by Jesper Johansen /. March 4, 2024. The bull-market conference was filled with good feelings but little clarity on where the crypto industry is headed next. by Jack Kubinec /. March 4, 2024. The Friday ruling was issued as a default judgment because Sameer Ramani “appears to have fled the country”. by Katherine Ross /. March 4, 2024