Cryptocurrency exchange Binance has announced that it will discontinue all services related to the Nigerian naira (NGN). In an announcement on Tuesday, March 5, Binance stated that starting at 8:00 UTC on March 8, all remaining NGN balances in users' accounts will be automatically converted to the USDT stablecoin.
Users have been advised to withdraw their NGN balances, as deposits will be suspended on March 5. Binance will also cease supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.
"Any remaining NGN balances in users' Binance accounts will be automatically converted to USDT," the statement read.
The Nation reported the arrest of two Binance officials by Nigerian authorities over allegations of "illegal transactions." The federal government is also demanding at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in efforts to salvage the value of the Naira, the nation's currency.
Binance, founded in 2017, is a leading cryptocurrency exchange with a focus on altcoin trading. It offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
Binance also announced on its website that the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
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