BREAKING: Binance Discontinues Operation in Nigeria

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.

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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.