Binance, the leading cryptocurrency exchange globally, has announced the discontinuation of all its Naira services starting from March 8.
ADULAWO News reports that the decision comes amidst the company’s ongoing regulatory challenges in Nigeria, as disclosed in a statement on its app.
Effective March 5, Binance will cease naira deposits, followed by the termination of withdrawals on March 8.
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“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday. Binance will also delist all existing NGN spot trading pairs on March 7.
The naira will be removed from the list of supported payment options on Binance Pay, the exchange’s payment solution.
Binance’s decision coincides with Nigeria’s intensified scrutiny of the global cryptocurrency exchange.