Binance To Exit Nigerian Market, Halts From Naira Services

Binance To Exit Nigerian Market, Halts From Naira Services

In a significant move, Binance, one of the world’s largest cryptocurrency exchanges, has decided to discontinue all services involving Nigeria’s fiat currency, the naira, due to an ongoing regulatory conflict in the country…..READ ALSO Nigerian House Of Representatives Issues Arrest Warrants For Binance Executives

Starting from March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT. However, support for NGN deposits will cease after 14:00 UTC today, and withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC.

According to an announcement posted on its website, Binance stated that the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.

Furthermore, all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs automatically closed.

In addition to spot trading pairs, 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.

This move marks a significant development in the cryptocurrency landscape in Nigeria, signaling the challenges posed by regulatory uncertainties in the country.