Binance stops depositing in the country after Nigeria’s ban

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Leading cryptocurrency exchange Binance has temporarily suspended deposits after the Central Bank of Nigeria (CBN) ordered all banks to close the accounts of those trading in cryptocurrencies.

In the letter sent to banks from CBN yesterday, it was reminded that it is forbidden to make crypto money transactions or to provide services for crypto money exchanges, and all banks were asked to identify the persons / institutions that make crypto money transactions or operate crypto money exchanges and close the related accounts immediately. In addition, it was emphasized that severe sanctions would be imposed in case of violation of this order.

In the statement made by Binance after this step of CBN, it was stated that Nigeria’s official currency Naira payment partners suspended their deposit services until the next announcement and that the deposits of Nigerian Naira were temporarily suspended.

The step of the Central Bank of Nigeria came a few months after protesters in the country used Bitcoin to raise money.

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