On Tuesday, Binance, a popular cryptocurrency exchange, informed its users that it will no longer support services involving the Nigerian naira (NGN) on its platform. This decision comes after accusations from Nigerian authorities claiming that Binance is involved in manipulating the local currency.

Starting from March 8 at 8:00 UTC, any remaining NGN balances in users' accounts will be automatically converted to USDT stablecoin. Binance will cease support for Nigerian Naira use in spot trading, P2P transactions, Auto Invest, and Binance Pay.

Users are advised to withdraw their naira deposits before the deadline. Two Binance officials are currently in custody in Nigeria for suspected "illegal transactions."

The Nigerian government has imposed a $10 billion fine on Binance for alleged manipulation of the Naira.

The House of Representatives Committee on Financial Crimes has recommended the arrest of Binance Holding Ltd's CEO for alleged tax evasion and money laundering in Nigeria.