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Binance suspends all naira services, to leave Nigerian market

Cryptocurrency exchange, Binance has announced that it will stop providing all services related to the Nigerian naira (NGN).

According to the platform’s announcement on Tuesday, March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin

The cryptocurrency exchange in a statement released said users have also been advised to withdraw NGN as deposits will be suspended on March 5.

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

“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the statement read

The Binance exchange is a leading cryptocurrency exchange founded in 2017.

It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.

Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.

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