Global cryptocurrency exchange has announced the suspension of naira deposit services on its platform from 7 pm, February 5, 2020, until further notice.
This comes after the Central Bank of Nigeria ordered banks, non-banks, and other financial institutions to close the accounts of cryptocurrency exchanges in a letter on Friday.
In a blog post, the company said the suspension became necessary after its Nigerian payment partners suspended deposit services until further notice.
“Binance will temporarily suspend NGN deposits through our fiat partner channels. Withdrawal services remain normal and will continue to be processed but might take a slightly longer time than usual. We apologise for any inconvenience this may cause,” Binance said.
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The CBN’s suspension has seen Nigerian banks inform their customers that are involved in cryptocurrency activities and exchanges that they will no longer accept their deposits in the meantime.
Flutterwave which provides payment gateway services to many of the exchanges announced on Friday evening that it intends to follow through with the CBN directive.
“In light of recent directive by the Central Bank of Nigeria prohibiting financial institutions from engaging in cryptocurrency, we regret to inform you that we will not be able to further extend our services to support cryptocurrency use cases in Nigeria, in line with our terms and conditions,” Flutterwave said in a post.
