Reports reaching the News Chronicle indicate that cryptocurrency exchange, Binance has announced that it will cease providing all services related to the Nigerian naira (NGN).
Confirming this development on Tuesday, March 5, the platform announced that beginning at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin
In a statement released, cryptocurrency exchange said users have also been urged to withdraw NGN as deposits will be suspended on March 5.
Additionally, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.
The statement noted further, “Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,”
Earlier, media reports had revealed the arrest of two Binance officials by authorities over allegations of “illegal transactions” in Nigeria.
It was learnt that he federal government is also demanding at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in desperate moves to address the dwindling value of the Naira.
Binance exchange, which is a leading cryptocurrency exchange founded in 2017, features a strong focus on altcoin trading.
It equally offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
Meantime, posting on its website on Tuesday 5, March, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
