BREAKING: Binance discontinues operation in Nigeria

Maureen Aguta

Amid an ongoing regulatory conflict in Nigeria, Binance has announced the discontinuation of all services involving the country’s fiat currency, the naira.

Starting March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT.

However, NGN deposits will no longer be supported after 14:00 UTC today, and withdrawals will cease after March 8 at 6:00 a.m. UTC.

In a statement posted on its website on Tuesday, Binance revealed that the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.

Furthermore, all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for these pairs being automatically closed.

Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also discontinue support for the naira at various dates and times.