Binance suspends Naira deposits following CBN’s circular on cryptocurrency
Binance in reaction to the Central Bank of Nigeria (CBN’s) circular to commercial banks to close all cryptocurrency related accounts has suspended Nigerian Naira deposit.
The suspension was contained in a statement issued by Binance which showed that Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies, has suspended Nigerian Naira deposit.
The suspension was contained in a statement issued by Binance in reaction to the Central Bank of Nigeria (CBN’s) circular to commercial banks to close all cryptocurrency related accounts.
The CBN, in a statement obtained on Friday, February 5, warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
The apex bank, however, charged the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
The statement read in part: “Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons or an identity transacting in or operating cryptocurrencies exchanges within their systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions.”
But, Binance in a statement titled: ‘Notice of Temporary Suspension Of NGN Deposits’, the company said that funds on Binance.com remain safe and crypto services on Binance.com will continue as normal.
The statement reads:
Fellow Binancians,
We are aware of the recent circular shared by the Central Bank of Nigeria (CBN) around cryptocurrency-related Nigerian naira (NGN) payment activities in Nigeria and we are monitoring the situation closely.
Please note all your funds on Binance.com remain safe and crypto services on Binance.com will continue as normal.
However, our NGN payment partners are suspending deposit services until further notice. From 7PM (GMT+1) on Feb 5th 2021, Binance will temporarily suspend NGN deposits through our fiat partner channels. Withdrawal services remain normal and will continue to be processed but might take slightly longer time than usual. We apologise for any inconvenience this may cause.
We will continue to provide further updates as soon as they become available, and we are working closely with all relevant stakeholders.
Binance remains committed to supporting the growth of the blockchain ecosystem in Africa.
Thank you for your patience and support.
Binance Team wrote users.
