Posted by Due to an ongoing regulatory struggle in the country, Binance, a cryptocurrency exchange, is planning to end its services for the naira, Nigeria’s fiat currency.
Binance will begin automatically converting naira balances to USDT on March 8 at 8:00 a.m. UTC.
Be advised that after today at 14:00 UTC, support for NGN deposits will be discontinued, and withdrawals will also be disabled after March 8 at 6:00 a.m. UTC.
According to the announcement on Binance’s website, the automated conversion rate will be 1 USDT per 1,515.13 naira.
On March 7 at 3:00 a.m. UTC, all spot trading pairs against the naira will be delisted, and all open spot orders for these pairs will be automatically terminated.
At different points in time, Binance Pay, Binance Convert, Binance P2P, and the Auto Invest feature of the exchange will all stop supporting the naira.