Binance to Depart Nigerian Market, Ends Services in Local Currency
Summary:
Binance, a prominent global cryptocurrency exchange, is retreating from the Nigerian market and discontinuing all services in the local fiat currency, the Nigerian naira (NGN). The platform has announced the automatic conversion of residual NGN balances to Tether (USDT) stablecoin after March 8 and has urged users to withdraw, trade their NGN assets or convert into crypto prior to this date. Furthermore, NGN deposits and trading pairs will be suspended, and the currency will be removed as an accepted payment option on Binance's services.
Binance, a leading international cryptocurrency exchange, has made the decision to withdraw from the Nigerian market, known for its extensive use of the local currency, the Nigerian naira (NGN). Revealed to the public on the 5th of March, the exchange platform will cease the option to withdraw in NGN after the 8th of March. From this date onwards, any remaining NGN within individuals' Binance accounts will be automatically switched to the Tether (USDT) stablecoin, as mentioned in the official statement.
Users of the exchange were urged to either withdraw their NGN or trade their NGN assets, alternatively converting their NGN into cryptocurrencies before the discontinuation of these services. The conversion rate, as highlighted within the statement, will be based on the average closing price of the USDT/NGN trading pair on Binance Spot, regarding the previous seven days.
Alongside this, Binance intends to halt NGN deposits immediately, as these transactions will not be functional after 2:00 pm UTC on March 5. It was also stated in the announcement that all trading pairs which involve NGN will no longer be present on the Binance platform as of March 7. The removal of NGN from its list of supported payment options will also take place on Binance’s payment service, Binance Pay, from March 6.
Furthermore, in late February, the company's peer-to-peer platform removed all NGN trading pairs. As more details emerge, the story will be updated.
Published At
3/5/2024 1:44:12 PM
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