After FG’s seige, Binance stops naira services
Oluwasegun SanusiMarch 5, 20241 Mins read519 
In response to the ongoing regulatory conflict in Nigeria, cryptocurrency exchange Binance has announced the discontinuation of all services for the country’s fiat currency, the naira.
Effective March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT (Tether) at a conversion rate of 1 USDT per 1,515.13 naira.
However, support for NGN deposits will cease after 14:00 UTC on the same day, with withdrawals becoming unsupported after March 8 at 6:00 a.m. UTC.
The decision, posted on Binance’s website on Tuesday, also entails the delisting of all spot trading pairs against the naira on March 7 at 3:00 a.m. UTC. Any open spot orders for these pairs will be automatically closed.
Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will discontinue support for the naira at various dates and times.
The move comes amidst a regulatory conflict in Nigeria, where authorities have been scrutinising cryptocurrency operations and imposing restrictions on the industry.
Binance’s decision to halt naira services reflects the challenges faced by cryptocurrency exchanges in navigating regulatory uncertainty in certain jurisdictions.
About The Author
Related Articles
AES Eliminates Over 4,200 Terrorists in Two Years – Report
The Alliance of Sahel States (AES) countries eliminated more than 4,200 terrorists...
Top ISIS Commander, Abrahim Boubacar, Surrenders to Malian Army Shortly After Fellow Leader Was Killed
A senior commander of the Islamic State in the Greater Sahara (ISGS),...
Nigerian Govt Outsources Upcoming National Cybersecurity Conference to UAE Firm, Excludes Local Experts
The Federal Ministry of Communications and Digital Economy has outsourced the organisation...
Malian Army Kills Foreign ISIS Leader, Abu Dahdah, in Ménaka Region Raid
The Malian armed forces, in collaboration with their partners, killed a senior...