Binance stops operations in Nigeria

Tuesday, March 5, 2024 at 12:33 PM By Ijeoma

Binance, a global cryptocurrency exchange, has decided to exit the Nigerian market.

Effective March 8, 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT (Tether), a stablecoin pegged to the US dollar.

The decision follows the cessation of support for naira deposits after 14:00 UTC today, with withdrawals set to terminate after March 8, 6:00 a.m. UTC.

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The conversion rate stands at 1 USDT per 1,515.13 naira.

Binance will delist all spot trading pairs involving the naira on March 7 at 3:00 a.m. UTC, automatically closing open spot orders for these pairs.

Additionally, services like Binance Convert, Binance P2P, Auto Invest, and Binance Pay will no longer support naira transactions.

This move by Binance coincides with regulatory conflicts in Nigeria, as two executives were recently detained by the National Security Adviser’s office.

The company faces accusations of contributing to the depreciation of the naira, prompting its decision to withdraw from the Nigerian market.

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