Binance ceases naira services amid regulatory conflict

Binance will cease all services for Nigeria’s flat currency, the naira due to an ongoing regulatory conflict in the country.

The cryptocurrency exchange will automatically convert naira balances to USDT starting from March 8 at 8:00 a.m. UTC.

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However, it will stop supporting NGN deposits after 14:00 UTC today, and withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC. Binance announced on its website that the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.

All spot trading pairs against the naira will be removed from the platform on March 7 at 3:00 a.m. UTC. Any open spot orders for these pairs will be closed automatically. Binance Convert, Binance P2P, the Auto Invest feature, and Binance Pay will also stop supporting the naira at different dates and times.

 

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