Binance, a prominent cryptocurrency exchange, has declared the cessation of all services associated with the Nigerian naira (NGN). In an announcement made on Tuesday, March 5th, the exchange revealed that as of 8:00 UTC on March 8th, any remaining NGN balances in users’ accounts will be automatically switched to USDT stablecoin.
Additionally, users have been instructed to withdraw NGN before deposits are halted on March 5th. Binance will cease supporting NGN across spot trading, P2P, Auto Invest, and Binance Pay. The exchange assures that any remaining NGN balances will be converted to USDT automatically.
Amidst allegations of “illegal transactions” in Nigeria, two Binance officials have reportedly been arrested, with the federal government seeking at least $10 billion in retribution. This move comes amidst a crackdown on the crypto exchange platform aimed at salvaging the value of the Naira.
Established in 2017, Binance is renowned for its extensive altcoin trading options, offering crypto-to-crypto trading in over 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its native coin, BNB.
The conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, as stated on Binance’s website.
