Breaking: Binance Halts Service To Nigeria, To Convert Naira Balances To USDT
Binance, the cryptocurrency exchange, has announced that it will no longer offer its services for Nigeria’s fiat currency, the naira.
This announcement comes as a result of an ongoing regulatory conflict in the country.
Starting from March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT.
However, the exchange will stop supporting NGN deposits after 14:00 UTC today. Additionally, withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC.
According to an announcement on Binance’s official website, the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
Furthermore, on March 7 at 3:00 a.m. UTC, all spot trading pairs against the naira will be delisted. Any open spot orders for these pairs will be closed automatically.
In addition to these changes, Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also stop supporting the naira at different dates and times.
