Binance To Exist Nigerian Market And Stop Providing Services In Local Currency

DuetoanongoingdisputeoverregulationsinNigeria,Binancewillnolongerbeofferinganyservicesforthenaira,thecountry’sfiatcurrency. ThecryptocurrencyexchangewillstopacceptingNGNdepositsafter14:00UTCtoday,butitwillautomaticallyconvertNairabalancestoUSDTstartingonMarch8at8:00a.m.UTC. ThesupportforwithdrawalswillendonMarch8at6:00a.m.UTC. TheannouncementonBinance’swebsiteonTuesdaystatedthattheexchangerateforautomaticconversionswillbe1USDTforevery1,515.13naira.

OnMarch7at3:00a.m.UTC,allspottradingpairsagainstthenairawillberemovedfromthemarket. Forthesepairs,openspotorderswillbeclosedautomatically. Atdifferenttimes,BinanceConvert,BinanceP2P,theexchange’sAutoInvestfunction,andBinancePaywillalsostopsupportingthenaira.

Thecountry’sfiatcurrency,thenaira,willnolongerbesupportedbyBinance,asaresultofanongoingdisputeoverregulationsinNigeria. After14:00UTCtoday,thecryptocurrencyexchangewillnolongeracceptNGNdeposits.However,startingonMarch8at8:00UTC,NairabalanceswillbeautomaticallyconvertedtoUSDT. WithdrawalsupportwillterminateonMarch8at6:00a.m.UTC. AccordingtotheannouncementmadeonTuesdayonBinance’swebsite,therewillbeoneUSDTforevery1,515.13nairainautomaticconversions.

ThemarketwillbeclearedofallspottradingpairsagainstthenairaonMarch7at3:00a.m.UTC. Openspotordersforthesepairswillautomaticallyclose. Theexchange’sAutoInvestfeature,BinanceConvert,BinanceP2P,andBinancePaywillallceasetosupportthenairaatvariouspointsintime.