Binance, a prominent cryptocurrency exchange founded in 2017, has announced its decision to discontinue services involving the Nigerian naira (NGN).
As stated in their recent announcement on Tuesday, March 5, Binance will cease support for NGN in spot trading, P2P, Auto Invest, and Binance Pay, effective from 8:00 UTC on March 8. Consequently, all remaining NGN balances in users’ accounts will be automatically converted to USDT stablecoin at a rate of 1 USDT per 1,515.13 naira.
Additionally, users have been advised to withdraw their NGN balances before the suspension of deposits on March 5.
This development follows the reported arrest of two Binance officials by Nigerian authorities over allegations of “illegal transactions,” with the federal government seeking retribution of at least $10 billion amidst efforts to stabilize the value of the Naira.