Binance will discontinue all services and close all services in the Nigerian Naira
The exchange's P2P platform excluded all trading pairs with NGN from the list at the end of February
On March 5, the Binance crypto exchange announced the complete termination of all services with the Nigerian naira (NGN). From March 8, all NGN balances on the accounts of platform users will be automatically converted into USDT stablecoins. The exchange urged users to withdraw fiat, exchange their NGN assets or convert them into cryptocurrency before the services are discontinued.
"Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot over the past seven days," the representatives of the platform noted.
Binance will also immediately suspend accepting deposits in NGN, as such transactions will not be supported after 17:00 Moscow time on March 5.
All NGN trading pairs will be removed from the platform on March 7. The Binance Pay payment service will also remove NGN from the list of supported payment options on March 6.
The Binance P2P platform delisted all trading pairs with NGN back in late February.
In February, the Nigerian authorities appealed to local telecommunications companies to restrict access to the websites of the crypto exchanges Binance, OctaFX, Coinbase and others to weaken speculative activity with digital assets in the country.
