Binance Announces Departure from Nigerian Market, Discontinues Naira Services Amid Regulatory Conflict
In a breaking development, Binance, a leading global cryptocurrency exchange, has declared its intention to withdraw all services related to Nigeria’s fiat currency, the naira. This strategic decision comes amidst an intensifying regulatory dispute within the country’s cryptocurrency ecosystem, adding to the complexities of operating in such environments.
Effective March 8 at 8:00 a.m. UTC, Binance will implement the automatic conversion of naira balances to USDT (Tether), a move aimed at mitigating potential disruptions for its Nigerian user base. However, the exchange will no longer facilitate NGN (Nigerian Naira) deposits after 14:00 UTC today, with withdrawals becoming unsupported after March 8 at 6:00 a.m. UTC.
In a statement released on its official website, Binance disclosed that the conversion rate for automatic conversions will be fixed at 1 USDT per 1,515.13 naira, ensuring a transparent transition process for affected users.
As part of its exit strategy, Binance will delist all spot trading pairs involving the naira on March 7 at 3:00 a.m. UTC. This decision will prompt the automatic closure of open spot orders linked to these pairs, signaling a comprehensive withdrawal from the naira-centric trading activities.
Furthermore, Binance Convert, Binance P2P, along with the exchange’s Auto Invest feature and Binance Pay, will progressively cease support for the naira at varying dates and times. This phased approach reflects Binance’s commitment to facilitating a smooth transition for its Nigerian clientele amidst the evolving regulatory landscape.
