Binance to depart Nigerian market, ends services in local currency

FILE PHOTO: A composition showing crypto currency with the Binance logo. Picture taken on Nov. 10, 2022. REUTERS/Dado Ruvic

Binance, the cryptocurrency exchange, is set to discontinue all services for Nigeria’s fiat currency, the naira, due to an ongoing regulatory conflict in the country.

Starting from March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT.

However, support for NGN deposits will cease after 14:00 UTC today, and withdrawals will no longer be supported after March 8 at 6:00 a.m. UTC.

The conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, as stated in the announcement on Binance’s website.

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

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