Cryptocurrency exchange, Binance has announced that it will stop providing all services related to the Nigerian naira (NGN).
According to the platform’s announcement on Tuesday, March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin
The cryptocurrency exchange in a statement released said users have also been advised to withdraw NGN as deposits will be suspended on March 5. In addition, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the statement read
The Nation reports the arrest of two Binance officials by authorities over allegations of “illegal transactions” in Nigeria. The federal government is also demanding at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the Naira, the nation’s currency.
The Binance exchange is a leading cryptocurrency exchange founded in 2017.
It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
Last updated: Just Now
See All Latest Nigerian Music Right Now!!!
Share On:
Top 10 Hottest Songs
Nigerian / African Music Krizbeatz – Family Devotion (Outro)
Nigerian / African Music Krizbeatz – Coco Riddim ft. Rybeena, Bhadboi OML
Music Krizbeatz – Kinda Girl ft. Liya, Kemuel
Nigerian / African Music Krizbeatz – Energy ft. W4
Nigerian / African Music Krizbeatz – Belly Of The Beast 2 ft. PsychoYP, Wizard Chan, Joshua Baraka
Nigerian / African Music Krizbeatz – Tesi ft. Small Doctor
Music JoBlaq – Morayo
Gospel Music Frank Edwards – The Lover
Music FAVE – Cold Outside ft. Dre Skull
Music Zoro Swagbag – Love O’Clock (Clock It) ft. Klem