Binance exchange has decided to delist and discontinue all nigerian naira (NGN) services following the recent clamp down, the 3 criminal charges and the fine of $10billion demanded by the nigerian government in a motive to give the naira strength against the dollar.
Binance in a recent circular released on its social platform and email notice to users has stated that they are set to delist all naira services.
This is coming weeks after so many setbacks in nigeria for the cryptocurrency platforms by the nigerian government in a bid to give the naira proximity to the united states dollar.
Binace two(2) executives who visited nigeria to initiate an understanding between them and the nigerian government where detained by the nigerian government recently.
The Nigerian Stock Exchange Commission also last year june 2023 warned nigerians in a circular indicating binance was not duly licensed to operate in the country and could posed potential risk to any investor or investments made on the platform.
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The Cryptocurrency trading platform were also smashed with a $10billion dollar fine if the charges against them were to be taken away by the nigerian government.
The federal government of Nigeria in a recent update disclosed that The cryptocurrency platform has an unreported $26billion transaction history in nigeria that is unreported to the Central bank of Nigeria.
The blockchain platform has decided to discontinue its naira services in the country due to recent fallbacks and challenges beyond their control, note that Binance.com is still inaccessible in nigeria.
Following this announcement nigerian users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services. are the delisted services and their effective dates.
This affects NGN services only, you can continue to make use of services and products for other available cryptocurrencies.
- we will not support deposits of NGN after 2024-03-05 14:00 (UTC).
- we Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC).
- we will remove NGN from the list of supported payment options on
- we Pay at 2024-03-06 03:00 (UTC).
- we Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC).
- NGN Spot Trading pairs (i.e.,BTC/NGN and USDT/NGN) will be delisted at 2024-03-07 03:00 (UTC).
Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
We 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 after 2024-03-08 08:00 (UTC).
- 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.
During this struggle between the Nigeria government and Binance many other platforms have suspended the buying and selling of USDT in nigeria to avoid facing the same fate of their counter parts.
