Wed, May 22

Binance Suspends Deposits in Nigeria Following CBN’s Mandate

Binance Suspends Deposits in Nigeria Following CBN's Mandate Exchange News
-Binance has suspended Nigerian deposits.
-Following the new request of the Central bank of Nigeria (CBN) to boycott cryptocurrencies and crypto trade.
-Nigerians voiced their uneasiness utilizing the hashtag #WeWantOurCryptoBack multiple times.

Digital currency exchange Binance suspended Nigerian deposits. Following the new request of the Central bank of Nigeria (CBN) to boycott cryptocurrencies and crypto trade.

Nigerian Deposits Suspended by Binance

Binance has suspended Nigerian deposits on 5th February 2021, at 7 PM. Moreover, the exchange made this after the CBN delivered a letter directing that all neighborhood banks ought to end any record related to cryptocurrency trades.

In the letter, CBN expressed that a relationship with any crypto-related body is an infringement of 2017 circular. However, this shows that it is unlawful to exchange Bitcoin and other cryptocurrency. 

Although the CBN’s move may influence the country’s exchanges in fiat cash, trading will be unaffected as more significant parts of the country will start utilizing P2P (peer-to-peer) outlets. 

The decision to drop Nigerian deposits came after its residents used Bitcoin to accumulate assets in the fights against SARS and terrible administration. In addition, protesters used BTC because banks on the side of the protests were closed down. 

As per Binance, Nigerians are encouraged to remain quiet while the condition is being taken care of. For now, withdrawals can, in any case, be made previously, yet it might take longer than expected, the organization offered in an expression. 

On Twitter, Nigerians voiced their uneasiness concerning the CBN’s new decision. However, utilizing the hashtag #WeWantOurCryptoBack multiple times. Notwithstanding, principal crypto-financial backers endorse that crypto reception won’t be influenced, encouraging Nigerians not to panic. 

Presently, the Nigerian Central bank has not made an explanation for denying digital forms of money that affect Nigerian deposits. In any case, there is agitation in social media as Nigerians continue to express their disappointment. 

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A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.