Cryptocurrency exchange, Binance has announced that it will stop providing all services related to the Nigerian naira (NGN).
The decision is coming amid an ongoing regulatory conflict in the country.
The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement.
The cryptocurrency exchange in a statement released said users have also been advised to withdraw NGN as deposits will be suspended on March 5.
In addition, All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be 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.
