Binance to discontinue services in naira

The cryptocurrency exchange Binance has declared its intention to stop offering any services associated with the Nigerian Naira.

The Nigerian currency, the Naira, was allegedly exploited by the cryptocurrency exchange site Binance, which caused a wild slide in its value.

In addition, the business is accused of, among other things, tax evasion, money laundering, and financing terrorism.

Among the world's biggest peer-to-peer cryptocurrency markets is Nigeria. According to Chainalysis, the total value of cryptocurrency transactions in the nation between July 2022 and June 2023 was $56.7 billion.

However, the business suggested in a statement on Tuesday that users either withdraw NGN, sell their NGN assets, or convert NGN into cryptocurrency.

The statement read, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.

“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).

“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

“If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.”

Source