Binance Halts NGN-Crypto Trading pairs Following CBN Ban on Cryptocurrencies
February 9, 2021 8:19 AM
Binance, the leading digital asset exchange that is friendly with Nigerian traders after it's integration of NGN-Crypto trading pair.
According to the recent circular from Central Bank of Nigeria (CBN) on Friday, The government placed a ban on banks and other regulated financial institutions to stop servicing it's crypto client's.
In the wake of government crackdown on cryptocurrencies in the country, Binance will delist several Nigeria Naira (NGN) - crypto trading pairs restricting Nigerians from trading in their most friendly environment.
Binance will delist several Nigerian Naira fiat-crypto pairs from it's spot trading as a result, effective from 12:00 UTC onward. The pairs to be delisted includes but not limited to: BNB/NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK/NGN, LTC/NGN, TRX/NGN, XRP/NGN.
Nigerian Binance users will still be able to use the (Binance P2P) platform to exchange NGN for USDT and Bitcoin which is easily accessible.
It is an odd time for the Government to ban cryptocurrencies in the country with record rates of the nations fast Bitcoin and crypto adoption.