In a recent development, cryptocurrency giant Binance has announced the termination of all services linked to the Nigerian naira (NGN).
This move by the exchange follows Nigeria’s intensified crackdown on global crypto platforms.
Effective from March 8, at 8:00 UTC, Binance users’ remaining NGN balances will be automatically converted to USDT stablecoin.
Furthermore, NGN deposits will be halted starting March 5.
Binance will cease all support for NGN in spot trading, P2P, Auto Invest, and Binance Pay.
The exchange emphasized that any remaining NGN balances will be converted to USDT.
Recent reports from The Nation disclosed the arrest of two Binance officials in Nigeria over alleged involvement in “illegal transactions.”
The Nigerian government is seeking retribution of at least $10 billion from Binance amidst efforts to stabilize the naira’s value.
Founded in 2017, Binance is a prominent cryptocurrency exchange renowned for its focus on altcoin trading.
The platform facilitates crypto-to-crypto trading in over 350 cryptocurrencies, including Bitcoin, Ether, Litecoin, Dogecoin, and its native token, BNB.
According to a statement on Binance’s website, the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
