Binance, the world’s leading cryptocurrency exchange, has made a significant move to cease operations with the Nigerian Naira (NGN) on its platform. This decision follows a period of tension with Nigerian authorities, who recently detained Binance staff and levied a substantial fine of 10 billion dollars against the company. Users of the platform are being urged to either withdraw their NGN holdings, trade them for other cryptocurrencies, or wait for an automatic conversion to take place.
Advisory on Service Changes
The exchange has issued a set of deadlines for NGN transactions. Following the cessation of NGN deposits after March 5, 2024, the platform will discontinue NGN withdrawals on March 8. On the same day, any remaining NGN balances in Spot and Funding wallets will be converted to Tether (USDT) at a fixed rate, based on the average closing price of the USDT/NGN pair on Binance Spot from the past week. Users are encouraged to act ahead of these deadlines to manage their funds accordingly.
Details on NGN to USDT Conversion
The process of conversion to USDT might extend beyond 24 hours, after which the USDT will be added to users’ Spot wallets. Users can confirm receipt by checking their conversion history. In the event of a balance falling below a minimal threshold, Binance will round up the amount to the smallest unit of USDT. As news of Binance’s updates spread, the value of the NGN plummeted, underscoring the market’s reaction to the exchange’s policy changes.