Due to an ongoing dispute over regulations in Nigeria, Binance will no longer be offering any services for the naira, the country’s fiat currency.
The cryptocurrency exchange will stop accepting NGN deposits after 14:00 UTC today, however it will automatically convert Naira holdings to USDT starting on March 8 at 8:00 a.m. UTC. The support for withdrawals will end on March 8 at 6:00 a.m. UTC.
The announcement on Binance’s website on Tuesday stated that the exchange rate for automated conversions will be 1 USDT for every 1,515.13 naira.
On March 7 at 3:00 a.m. UTC, all spot trading pairs against the naira will be removed from the market. For these pairings, open spot orders will be terminated automatically.
At different times, Binance Convert, Binance P2P, the exchange’s Auto Invest function, and Binance Pay will likewise stop supporting the naira.
