In response to an ongoing regulatory conflict in Nigeria, Binance, a leading cryptocurrency exchange, has announced the discontinuation of all services for Nigeria’s fiat currency, the naira.
Starting from March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT (Tether) at a conversion rate of 1 USDT per 1,515.13 naira.
However, support for NGN deposits will cease after 14:00 UTC today, and withdrawals will be unsupported after March 8 at 6:00 a.m. UTC.
Additionally, all spot trading pairs involving the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs automatically closed.
Furthermore, Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also stop supporting the naira at various dates and times.
Binance’s decision to discontinue naira-related services underscores the challenges faced by cryptocurrency exchanges amidst regulatory uncertainties in Nigeria.
