Binance to Discontinue Services for Nigeria's Naira Amid Regulatory Conflict

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Cryptocurrency News

Binance,Nigeria,Naira

Binance will no longer offer services for Nigeria's fiat currency, the naira, due to regulatory issues. Naira balances will be automatically converted to USDT, and support for NGN deposits and withdrawals will be discontinued. Spot trading pairs against the naira will be delisted, and other Binance services will also stop supporting the naira.

Binance will discontinue all services for Nigeria ’s fiat currency , the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC. Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.

13 naira, according to an announcement. All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed. Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the naira at various dates and times

Binance Nigeria Naira Fiat Currency Regulatory Conflict USDT Deposits Withdrawals Spot Trading Delisting Binance Convert Binance P2P Auto Invest Binance Pay

 

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