Binance has announced its decision to halt all services in naira, effective March 8, 2024, since the federal government has been clamping down on suspected violations of foreign exchange regulations.
The cryptocurrency company made an official announcement on their website on Tuesday.
“From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to the Tether stablecoin,” the statement read.
“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,” Binance added.
The exchange encouraged users to withdraw their naira funds, trade their naira assets, or convert them to crypto before the discontinuation of these Nigerian naira services.
According to the company, all trading pairs involving naira are set to be removed from its platform on March 7, 2024.
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