As part of a Nigeria-wide crackdown on cryptocurrency exchanges that have been accused by authorities of fueling a black market for foreign currencies, Binance is going to stop all transactions and... Exchanges in the local currency of Nigeria after 8 March.

The Binance cryptocurrency will stop supporting withdrawals after next Friday and any remaining Nigerian naira balance will automatically be converted to Tether, a stablecoin whose value is pegged to the US dollar. In fact, the Nigerian authorities arrested two senior Binance executives for undisclosed reasons as part of the crackdown