News
After Reps threaten to arrest CEO, Binance pulls out of Nigeria
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/03/Binance.jpg&description=After Reps threaten to arrest CEO, Binance pulls out of Nigeria', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/03/Binance.jpg&description=After Reps threaten to arrest CEO, Binance pulls out of Nigeria', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
After the House of Representatives committee probing activities of Binance threatened to arrest its executives on Monday, yesterday, the company has decided to pull out of Nigeria.
Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities.
The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today (Tuesday).
Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by an online business newspaper confirmed.
The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website.
Other features, including Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay, will also cease support for the Naira.
This development is coming after the government blamed Binance for being responsible for triggering the problems in the Nigeria FX market.
On Monday, the House of Representatives threatened to issue a warrant of arrest on the company’s Chief Executive Officer, Mr Changpeng Zhao, following no response from representatives, who were asked to appear before its committee.
Binance executives had not appeared before the committee because two employees, who were to appear at the meeting, were arrested upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA) last week.
Analysts say the fingering of the crypto exchange platform is a desperate move to salvage the value of the Naira, without tackling proper issues.
The Nigerian government says some users have used the Binance platform for criminal activities such as money laundering and currency speculation. They are also accusing the cryptocurrency firm of operating illegally in Nigeria in violation of the country’s laws.
It was also reportedly planning a minimum of $10 billion penalty on Binance for “illegal transactions”, according to a spokesperson of the president, Mr Bayo Onanuga.
The Accord Party has defeated the All Progressives Congress (APC) at the polling unit of former Osun Deputy Governor and ex-APC National Secretary, Senator Iyiola Omisore, in the ongoing Osun State governorship election.
According to results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV), Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area.
The APC polled 85 votes to finish second, while the African Democratic Congress (ADC) recorded 10 votes. Other political parties obtained marginal votes at the polling unit.
The result adds to a series of early victories recorded by the Accord Party as INEC continues the uploading and collation of results across the state.
Earlier, Accord also won at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area.
The result sheet uploaded on the IReV portal showed Accord polling 125 votes, ahead of the APC, which recorded 85 votes. The ADC secured five votes.
Meanwhile, INEC has continued to upload results from polling units across Osun State as the governorship election moves into the collation stage.
Voters across the state’s 30 local government areas cast their ballots on Saturday to elect a governor for the next four years.
The major contenders in the election include the incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and African Democratic Congress (ADC) candidate Najeem Salaam.
The Accord Party has won the governorship election at the polling unit of former Osun State Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area of the state.
According to the result sheet uploaded to the Independent National Electoral Commission’s (INEC) IReV portal, Accord polled 125 votes to emerge victorious at the polling unit.
The All Progressives Congress (APC) came second with 85 votes, while the African Democratic Congress (ADC) secured five votes.
The African Action Congress (AAC) scored two votes, while the Social Democratic Party (SDP), Young Progressive Party (YPP) and Zenith Labour Party (ZLP) each recorded one vote.
Other parties, including the AA, ADP, APGA, APM, APP, BP, NNPP and PRP, recorded no votes.
The result sheet showed that 228 voters were accredited, with 220 valid votes cast and eight rejected ballots.
The election was conducted at Court Hall I, Okuku, in Odo-Otin Local Government Area.
The result comes against the backdrop of Oyinlola’s reported endorsement of the APC governorship candidate, Bola Oyebamiji, ahead of the election.
Oyinlola, who governed Osun State from 2003 to 2010, had publicly backed Oyebamiji despite the APC candidate running against incumbent Governor Ademola Adeleke.
The outcome at Oyinlola’s polling unit therefore puts the Accord Party ahead of the APC, with Adeleke’s party failing to secure the unit despite the incumbent governor’s participation in the election.
Voting was disrupted in Ejigbo, Osun State, after violence broke out at a polling unit during the ongoing Osun State Governorship election.
It was gathered that voters, residents and officials of the Independent National Electoral Commission (INEC) fled the polling unit as tension escalated around the area.
According to Channels TV, people were seen running in different directions while motorcycles and vehicles moved through the area as residents attempted to escape the unfolding situation.
The immediate cause of the violence was not clear, as the chaos temporarily halted the ongoing electoral process.
The incident comes as voters come out in their numbers to partake in governorship election amid tight security.
Osun Election: Accord Defeats APC in Omisore’s Polling Unit
Osun election: Oyinlola Loses Polling Unit to Accord Party
Osun election: INEC officials take to their heels as violence erupts in Ejigbo
-
News18 hours agoUS missionary kidnapped in Niger released after nine months in captivity
-
News18 hours agoAdeleke camp condemns release of APC Assembly candidate allegedly found with gun
-
News18 hours agoASUU decries unpaid 2022 salaries, demands education review
-
News18 hours agoOsun 2026: Davido fires back at critics, says ‘I’ll be on ground before 7am’
-
News18 hours ago2027: Atiku asks court to disqualify Tinubu over names, certificate controversy
-
News18 hours agoCourt remands ex-NBA chairman in DSS custody
-
Metro17 hours agoBandits abduct 14 passengers travelling from Enugu to Abuja
-
News13 hours agoOsun decides: Ahead today’s poll, police dogs deployed to combat thugs