BREAKING: Binance to exit Nigerian market, ends services in local currency

CRYPTOCURRENCY: Binance has legally registered with Italy's financial company
CRYPTOCURRENCY: Binance has legally registered with Italy's financial company

Binance has decided to discontinue its services for Nigeria’s fiat currency, the naira, due to a regulatory conflict in the country.

Starting from March 8 at 8:00 a.m. UTC, naira balances will be automatically converted to USDT. NGN deposits will no longer be supported after 14:00 UTC today, and withdrawals will be unsupported after March 8 at 6:00 a.m. UTC.

READ ALSO
Cristiano Ronaldo partners with Binance on NFT deal

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

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

In addition, Binance Convert, Binance P2P, the Auto Invest feature, and Binance Pay will also end support for the naira at different dates and times.

Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills, Telegram: @creebhills
To place an advert/Guest post on our site, contact us via [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here