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Binance begins blocking Nigeria currency transactions

binance-begins-blocking-nigeria-currency-transactions

Wazir Khamsin

BBC News

The world’s largest cryptocurrency firm, Binance, has begun stopping all transactions using Nigeria’s local currency – as a dispute continues with the authorities.

The Nigerian government has accused the company of causing the naira to lose value, by manipulating foreign exchange rates.

The central bank governor has also claimed that cryptocurrency firms are being used for money laundering.

Last week officials demanded almost $10bn (£8bn) in compensation from Binance.

With the weakening of the naira, many Nigerians see crypto exchanges as a way to protect their savings.

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