Crypto trading platform, Binance, says it will stop all transactions and trading in Nigeria’s local currency after March 8 amid rancour with the Nigerian government over Binance operations in the country.
In a statement on Tuesday, Binance also said it will stop accepting deposits in naira from Tuesday, 5th March. It will stop supporting withdrawals in naira after Friday and any remaining balances in Nigerian Naira after March 8 will be automatically converted into USDT.
The statement read, “Fellow Binancians, Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.
“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
“Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.
“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.
“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.
“If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
