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
206
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
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?
Telegram 
Twitter Market
The Bitnomial platform will try to challenge the SEC’s position on the status of the XRP token
Oct 11, 2024
Incidents
Law enforcers explained such a small sentence by the fact that Heather Morgan actively cooperated with the investigation and played a minor role in the crime
Oct 11, 2024
Crypto regulations
The exchange also allowed local customers to deposit and withdraw fiat currency
Oct 11, 2024
Market
The company implemented a large-scale scheme to manipulate the rates of digital assets
Oct 10, 2024
Market
Conversely, the victory of Harris, according to broker analysts, could cause a significant correction
Oct 9, 2024
Market
This is the first step toward applying to list ETF shares
Oct 2, 2024
Cryptocurrency rates
-
Bitcoin
$64 122
BTC
+2.19%
-
Ethereum
$2 519.87
ETH
+2.37%
-
BNB Smart Chain
$574.6
BSC
-0.12%
-
Ripple
$0.536565
XRP
+0.04%
-
Dogecoin
$0.111994
DOGE
+0.74%
-
Cardano
$0.354904
ADA
-0.83%
-
Bitcoin Cash
$327.52
BCH
+0.43%
-
Polkadot
$4.25
DOT
+1.46%
-
Litecoin
$65.35
LTC
-0.37%
-
Stellar XLM
$0.091535
XLM
+0.18%