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Binance Ceases Nigerian Market Operations, Converts NGN Balances to USDT

March 5, 2024

 

 

 

 

 

Binance, a renowned cryptocurrency exchange, has declared its departure from the Nigerian market, terminating services denominated in the local currency, NGN. Effective March 8, remaining NGN balances will be automatically converted to Tether (USDT) stablecoin. Users are advised to promptly withdraw, trade, or convert their NGN assets to cryptocurrency before the specified deadline.

Furthermore, trading pairs involving NGN and NGN deposit capabilities will be temporarily halted. NGN will no longer be accepted as a payment method on Binance’s platform. The exchange will initiate automatic conversions of naira balances to USDT starting March 8 at 8:00 a.m. UTC. 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.

In its announcement posted on Tuesday, Binance disclosed that the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira. Additionally, all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs automatically closed.

 

Imran Muhammad/X

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