- Nigerians who are into cryptocurrency trading got more bad news on Monday, February 8
- One of the largest exchanges in the system, Binance, is set to remove naira from its trading pairs
- It was gathered that this will begin on Tuesday, February 9
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Following the Central Bank of Nigeria (CBN)'s order that financial institutions should close accounts used for cryptocurrency operations, Binance has removed naira from its trading pair.
A post by Punch reports that in a statement on Monday, February 8, Binance, considered as one of the biggest cryptocurrency exchanges by volume, announced that the removal of the currency will take effect from Tuesday, February 9.
The statement revealed that from exactly 12 noon on Tuesday, Binance will remove and cease trading on the following trading pairs: BNB/NGN, BUSD/NGN, DOT/NGN, ETH/NGN, LINK/NGN, LTC/NGN, TRX/NGN, XRP/NGN.
Noting that the naira is a fiat currency and by that implying also that it and does not represent any other digital currency, the exchange informed users that they can "transfer their fiat or crypto balance to their P2P wallet, and buy or sell cryptocurrency with NGN at zero fees..."
“Users can still trade the above assets in other trading pairs that are available on Binance. Risk warning – Cryptocurrency trading is subject to high market risk. Please make your trades cautiously.
“Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.”
Meanwhile, Tesla Inc., the company belonging to the world's richest man, Elon Musk, had invested $1.5 billion (about N571 billion) in Bitcoin.
The company was also expected to start accepting the cryptocurrency as payment. Legit.ng gathered prices for the digital asset skyrocketed to a record above $43,000 after the news of the bold investment.
Cryptocurrency is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions.
Source: Legit Newspaper