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

Due to an ongoing dispute over regulations in Nigeria, Binance will no longer be offering any services for the naira, the country’s fiat currency. The cryptocurrency exchange will stop accepting NGN deposits after 14:00 UTC today, but it will automatically convert Naira balances to USDT starting on March 8 at 8:00 a.m. UTC. The support for withdrawals will end on March 8 at 6:00 a.m. UTC. The announcement on Binance’s website on Tuesday stated that the exchange rate for automatic conversions will be 1 USDT for every 1,515.13 naira.

On March 7 at 3:00 a.m. UTC, all spot trading pairs against the naira will be removed from the market. For these pairs, open spot orders will be closed automatically. At different times, Binance Convert, Binance P2P, the exchange’s Auto Invest function, and Binance Pay will also stop supporting the naira.

The country’s fiat currency, the naira, will no longer be supported by Binance, as a result of an ongoing dispute over regulations in Nigeria. After 14:00 UTC today, the cryptocurrency exchange will no longer accept NGN deposits. However, starting on March 8 at 8:00 UTC, Naira balances will be automatically converted to USDT. Withdrawal support will terminate on March 8 at 6:00 a.m. UTC. According to the announcement made on Tuesday on Binance’s website, there will be one USDT for every 1,515.13 naira in automatic conversions.

The market will be cleared of all spot trading pairs against the naira on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will automatically close. The exchange’s Auto Invest feature, Binance Convert, Binance P2P, and Binance Pay will all cease to support the naira at various points in time.