Is Binance leaving Nigeria?

·
March 7, 2024
·
2 min read

Today's guest on the podcast is Joseph Olaoluwa, Senior Reporter at TechCabal and he joins our usual hosts, Oluwanifemi, Chimgozirim, and Bolu as they discuss some of this week's trending tech stories.

First, we come to Binance and all that the crypto exchange is currently facing in Nigeria. But before we go into the main story, let's debunk a rumour. News broke out that Binance had been fined $10bn by the Nigerian government.

However, the government has clarified that it did not fine Binance and revealed it has launched an investigation into the company. This comes on the heels of a block on crypto websites and the arrest of two Binance executives in the country.

Meanwhile, on Tuesday, March 5, Binance announced that it would be stopping all naira deposits and withdrawals on its platform. It encouraged users who have naira on the platform to withdraw, trade it or convert it to other assets. The exchange gave users till March 8 2024 as it will change the assets automatically to USDT.

Advertisement

Next, we talk about Nigerian fintech, Brass and its customers inability to access funds on the platform. This week, TechCabal published news of the company's CEO, Sola Akindolu, attributing the funding winter to the withdrawal delays.  

Customers have also been unable to reach customer care representatives and Bolu's question of how Brass hopes to regain user trust is answered with a comparison to a similar situation with Heritage Bank last year.

Last, we discuss MTN Nigeria recording its first loss in six years. The telco announced a loss before tax of ₦177.8 billion for the fiscal year 2023, a significant downturn from the ₦518.8 billion pre-tax profit reported last year. This comes in a year where inflation in the country has reached a three-decade high amidst a continuing naira devaluation.

You can catch up on the conversation on Google PodcastsApple PodcastsSpotifyYouTube, and anywhere you get your podcasts. You can also send your questions and observations to podcast@techpoint.africa or share your thoughts using the hashtag #TechpointAfricaPodcast.


Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier