The Nigerian government wants $10 billion from cryptocurrency exchange platform Binance, but the company is refusing to pay the fine.

The government issued the fine for using rate fixing and currency speculation to manipulate exchange rates. As Binance withdraws from the country, it issued a statement to its Nigerian investors and told them that all the naira (Nigerian currency) remaining in their accounts will be converted to Tether (USDT).

All Nigerian services are being discontinued as the company continues its legal battles with the government there. No currency withdrawal will be allowed from Friday after 6 a.m. UTC according to an announcement from Binance.

This is another blow for Binance, as Nigeria is the largest crypto market in Africa and the most populous country on the continent as well. Two of Binance’s senior executives were arrested last week, and the company is facing charges for illegal trading practices and currency speculation outside of Nigeria.

Binance’s Global Troubles

The US based cryptocurrency exchange is under fire in multiple countries, facing an uphill legal battle. It has already squared off against the US justice system and lost repeatedly, now having paid out $4.3 billion in fines. Binance could have to pay even more, as it is still dealing with a lawsuit from the Securities and Exchange Commission.

Binance is also scheduled to be shut down in the Philippines, where a ban was pronounced in November of last year and supposed to take effect at the end of last month. The ban has not gone into effect yet, as the government is trying to determine how the ban will affect the financial assets of its citizens.

Changpeng Zhao, the CEO and founder of Binance, pleaded guilty on charges of failing to maintain an anti-money laundering program. He resigned in November of last year.

Binance was the world’s largest cryptocurrency exchange platform, and now it is hemorrhaging money. It has lost its top spot to Coinbase, Bybit, and OKX.