Binance exchange has said it will leave the Nigerian market and stop all services that use the Nigerian naira (NGN), which is the country’s official currency.
After March 8, the largest crypto exchange by trading volume will no longer let people withdraw NGN. Any leftover balances will be automatically converted to the stablecoin Tether (USDT).
Furthermore, the exchange wants Nigerian users to make a smooth transition, so they have been telling them to withdraw their NGN, sell their NGN assets, or turn them into crypto before NGN services end.
For the purpose of determining the conversion rate for NGN to USDT, the average closing price of the USDT/NGN trading pair on Binance Spot over the course of the previous seven days will become the basis for the calculation.
As of right now, Binance has stopped accepting NGN deposits. This means that deals involving NGN will not be possible after 2:00 pm UTC on March 5.
On March 7, Binance will remove all trading pairs that use NGN from its platform. But on March 6, Binance Pay will remove NGN from its list of accepted payment options.
The crypto exchange has decided to leave the Nigerian market because it is being closely watched by regulators in that country.
Last week, the Nigerian government fined Binance $10 billion as part of a crackdown on the site. It is thought by the government that these actions have made the naira weaker.
Nigeria’s Securities and Exchange Commission (SEC) said in September 2023 that Binance Nigeria Limited was illegal because the platform was not registered with or controlled by the commission.
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