JUST IN: Binance To Exit Nigerian Market, Halts Naira Services Following Multiple Threats By President Tinubu Led Federal Government

JUST IN: Binance To Exit Nigerian Market, Halts Naira Services Following Multiple Threats By President Tinubu Led Federal Government

Written By Oshiobugie John

In response to an ongoing regulatory clash in Nigeria, Binance has announced the discontinuation of all services for the country’s fiat currency, the naira. READ THE FULL ARTICLE HERE

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Effective from March 8 at 8:00 a.m. UTC, the cryptocurrency exchange will automatically convert naira balances to USDT. However, support for NGN deposits will cease after 14:00 UTC today, while withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC.

According to the announcement, the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.

Furthermore, all spot trading pairs involving the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs being automatically closed.

Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also discontinue support for the naira at various dates and times.

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Source: Bushradiogist