Binance Ends Services In Nigerian Naira Amid Ongoing Regulatory Conflict
Binance is ceasing all operations involving Nigeria’s fiat currency, the naira, due to an ongoing regulatory dispute within the country.
Starting March 8 at 8:00 a.m. UTC, the cryptocurrency exchange will convert naira balances to USDT automatically. However, it will stop accepting NGN deposits after 14:00 UTC today, and withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC.
In an announcement posted on its website on Tuesday, Binance stated that the conversion rate for automatic conversions would be 1 USDT per 1,515.13 naira.
All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.
Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the naira at various dates and times.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
