The Global News reports that Binance, a cryptocurrency exchange, has declared its decision to cease all services associated with the Nigerian naira (NGN). This move comes in response to Nigeria’s crackdown on global crypto exchanges.

According to the platform’s announcement on Tuesday, March 5, beginning at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to the USDT stablecoin. Users have also been advised that NGN deposits will be suspended on March 5.

Additionally, Binance will cease 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 exchange said in a statement on Tuesday.

The arrest of two Binance officials by Nigerian authorities over allegations of “illegal transactions” has prompted this action.

Leave a Reply

Your email address will not be published. Required fields are marked *