Binance to Cease Nigerian Naira (NGN) Services Amidst Increased Scrutiny

• After March 8, at 14:00 UTC, Binance will no longer accept NGN deposits.
• The exchange intends to delist all current NGN spot trading pairs beginning March 7.

In light of the increased scrutiny that Binance in Nigeria has been receiving, the crypto exchange—recently announced its intention to end all services related to the Nigerian Naira (NGN). Binance seems to have come under further scrutiny due to its past legal troubles on an international level, in the midst of the aforementioned West African nation’s crackdown on crypto exchanges.

This is in response to the attention it has been receiving as a result of concerns about currency manipulation. This decision follows recent legal disputes with regulatory organizations in Nigeria. In anticipation of the possible effect of the exchange’s suspension of services, Nigerian crypto market players are closely watching the developments.

No Longer Dealing in NGN

Binance issued a statement today (March 5), in which it asked its customers to do one of three things: withdraw NGN, trade NGN assets, or convert NGN into crypto before the exchange stopped providing services linked to NGN. In accordance with Binance’s declaration, all remaining user balances will be immediately converted to USDT starting March 8 at 08:00 UTC, according to a conversion rate the exchange provided in its statement.

After March 8, at 14:00 UTC, Binance will no longer accept NGN deposits, and on the following day, at 06:00 UTC, withdrawals will also be temporarily halted. Starting from March 8, Binance plans to provide customers a 1:1 USDT to 1,515.13 NGN exchange rate for any leftover NGN in their spot and fund wallets.

The exchange intends to delist all current NGN spot trading pairs beginning March 7 as part of its interim measures. When trading for that pair stops, all open spot orders will be canceled immediately.

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