Binance to cease all Nigerian naira transactions this week
Binance will suspend all services involving the Nigerian naira later this week after facing issues with local financial regulators.
Major global cryptocurrency exchange Binance is exiting the Nigerian market, announcing the full discontinuation of all services in the local fiat currency, the Nigerian naira (NGN).
Binance officially announced on March 5 that the platform will suspend NGN withdrawals after March 8. From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to the Tether (USDT) stablecoin, the announcement said.
The exchange has encouraged users to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
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