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

05.03.2024 - 13:10

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3 min

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.

Binance’s press release

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.

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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.

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