Binance Set To Exit Nigerian, Ceases To Provide Services In Naira
Binance is about to abandon the Nigerian market. According to reports, the platform has ceased to provide services in local currency.
The company has advised customers that any outstanding NGN balances would be automatically converted to the stablecoin Tether (USDT) after March 8.
Users are encouraged to withdraw, trade, or convert their NGN assets into cryptocurrency before the deadline.
In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily.
Moreover, NGN will no longer be a supported payment method across Binance’s range of services.
Furthermore, Binance will delist all spot trading pairs involving the naira on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs closed automatically.
Several Binance services will no longer support naira transactions, including Binance Convert, Binance P2P (Peer-to-Peer), the Auto Invest feature, and Binance Pay.
Binance’s decision to withdraw from the Nigerian market comes amid regulatory conflict with the country’s authorities.
Last week, two Binance executives were detained in Nigeria by the office of the National Security Adviser.
The company had been accused of being responsible for the free fall of the naira.
