Binance, a leading global cryptocurrency exchange, has decided to cease all operations involving the Nigerian naira (NGN) following challenges with local financial regulators. The exchange announced its decision on March 5, declaring the discontinuation of all services related to NGN.
As part of this move, Binance will suspend NGN withdrawals after March 8. Any remaining NGN balances in users’ accounts will be automatically converted to the Tether USDT stablecoin starting from March 8. To facilitate this transition, users are encouraged to withdraw their NGN funds, trade their NGN assets, or convert NGN into other cryptocurrencies before the withdrawal suspension date.
In addition to the withdrawal suspension, Binance will immediately halt NGN deposits after 2:00 pm UTC on March 5. This means that users will no longer be able to deposit NGN into their Binance accounts.
Furthermore, all trading pairs involving NGN will be removed from the platform on March 7. This action will effectively eliminate NGN trading options for Binance users. Additionally, Binance Pay, the exchange’s payment service, will no longer support NGN as a payment option starting March 6.
Binance’s decision to discontinue NGN services comes after its peer-to-peer platform delisted all NGN trading pairs in late February. This move indicates a broader shift away from supporting NGN-related activities on the exchange.
The decision to exit the Nigerian market reflects the challenges Binance has faced with local regulators. These regulatory hurdles have likely contributed to the exchange’s decision to withdraw from offering NGN services.
Binance’s move may impact Nigerian users who rely on the platform for cryptocurrency trading and transactions. The discontinuation of NGN services underscores the importance for users to diversify their trading and withdrawal options to navigate changes in the cryptocurrency landscape.
As Binance takes steps to wind down NGN-related operations, it remains to be seen how Nigerian cryptocurrency users will adapt to the evolving regulatory environment and seek alternative platforms for their trading needs.
