The world’s biggest cryptocurrency trading platform, Binance, announced its exit from the Nigerian market and removal of all assets associated with the naira amid a clampdown by Nigerian authorities on the platform.

The cryptocurrency platform issued a statement on Tuesday stating, “Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.”

The cryptocurrency platform alerted its Nigerian users to withdraw their NGN assets or convert them into crypto before discontinuing the naira on the platform takes effect. 

“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance said.

Binance said from “2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate.”

Last week, Binance disabled its peer-to-peer function for Nigerians. Peer-to-peer, popularly known as P2P, allows users, buyers, and sellers to trade without third-party interference. 

With Binance discontinuing Nigerian naira trade on its platform, Nigerian users will have to find other alternatives outside Binance to get their funds in naira equivalent or have their funds trapped in Binance.

The Binance announcement came amid President Bola Tinubu’s government’s clampdown on cryptocurrency on claims that it is aimed at halting Nigerian naira’s free fall against the dollar. 

Olayemi Cardoso, Central Bank of Nigeria governor, said over $26 billion passed through Binance in the past year on Tuesday at the Monetary Policy Committee (MPC) meeting in Abuja.

Tinubu-led government had detained two Binance officials invited into the country after blocking the cryptocurrency website to Nigerian users. 

Bayo Onanuga, a media aide to the president, justified the clampdown on Binance and other cryptocurrency platforms in Nigeria, accusing them of fixing rates and sabotaging the Nigerian economy.

Mr Onanuga also said the government might slam a $10 million fine on Binance for aiding currency speculators and manipulators. 

However, on Friday, Binance told Peoples Gazette that it was not in any talks with the Nigerian government about potentially paying up to $10 billion in fines.

The House of Representatives Committee on Financial Crimes recommended the arrest of Binance’s chief executive officer over alleged tax evasion and money laundering in Nigeria.