Binance, one of the world’s largest and most popular cryptocurrency exchanges, has recently announced that it will be discontinuing its services for Nigeria’s fiat currency, the naira, due to an ongoing regulatory conflict in the country. This move is expected to have a significant impact on Nigerian traders who have been using Binance to trade cryptocurrencies.
According to the announcement posted on the Binance website, the exchange will automatically convert naira balances to USDT starting from March 8 at 8:00 a.m. UTC. However, the exchange will cease support for NGN deposits after 14:00 UTC today, and withdrawals will become unsupported after March 8 at 6:00 a.m. UTC. Moreover, all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC, and open spot orders for these pairs will be automatically closed.
In addition, 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. The conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
This decision by Binance comes as a result of the ongoing regulatory conflict in Nigeria, which has been clamping down on cryptocurrency trading in the country. The move is expected to affect many Nigerian traders who will now have to find alternative ways to trade cryptocurrencies as Binance has been a popular choice for many in the country.
