Binance will discontinue all services and close all services in the Nigerian naira
The exchange’s P2P platform delisted all trading pairs with NGN at the end of February
![Binance will discontinue all services and close all services in the Nigerian naira](https://storage.getblock.net/source/1/lAwciVCUN6YMk4CboddTx-9dXqcPiFDa.webp)
05.03.2024 - 13:10
163
3 min
0
What’s new? On March 5, crypto exchange Binance announced the complete discontinuation of all services with the Nigerian naira (NGN). As of March 8, all NGN balances in the accounts of users of the platform will be automatically converted to USDT stablecoins. The exchange urged users to withdraw fiat, exchange their NGN holdings, or convert them to cryptocurrency before the termination of services.
What else is known? “Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days,” the platform’s representatives noted.
Binance will also immediately suspend the acceptance of NGN deposits, as such transactions will not be supported after 14:00 UTC on March 5.
All trading pairs with NGN will be removed from the platform on March 7. The Binance Pay payment service will also remove NGN from the list of supported payment options on March 6.
Binance’s P2P platform delisted all trading pairs with NGN back in late February.
![Banks and blockchain companies in Nigeria to jointly launch stablecoin pegged to the national currency](https://storage.getblock.net/source/1/cJLPXAEK67vJO2MHJBcZvBLD4T74Fy9v.png)
Banks and blockchain companies in Nigeria to jointly launch stablecoin pegged to the national currency
The cNGN asset will be recognized as legal tender
In February, Nigerian authorities asked local telecommunications companies to restrict access to the websites of crypto exchanges Binance, OctaFX, Coinbase, and others to weaken speculative activity with digital assets in the country.
Later it became known that the Nigerian authorities wanted to recover from Binance $10 billion in fines. The President’s office claims that the exchange profited from illegal transactions, which led to the fall of the national currency by 70% in recent months. The Nigerian authorities also demanded that Binance’s new CEO, Richard Teng, appear before Congress in connection with allegations of terrorist financing and money laundering.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024