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Binance to Depart Nigerian Market, Ends Services in Local Currency
Posted by Thandiubani on Tue 05th Mar, 2024 - tori.ngWithdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
Binance has announced plans to leave Nigeria.
The cryptocurrency platform said it will discontinue all services for Nigeria’s fiat currency, the naira.
This is amid an ongoing regulatory conflict in the country.
The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today.
Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement.
All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.
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.
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