Embattled Cryptocurrency exchange, Binance, on Tuesday, said it is ceasing the provision of all services related to the Nigerian Naira (NGN).
Binance’s decision comes amid Nigeria’s crackdown on the global crypto exchange.
The platform in a statement on Tuesday, said starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin.
Users have also been advised to withdraw their NGN deposits as it will be suspended on March 5.
Binance also said it will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” it said in a statement on Tuesday.
Recall that two Binance officials were reportedly arrested by the Office of the National Security Adviser over allegations of “illegal transactions” in Nigeria. Also, the House of Representatives has ordered the arrest of the platform’s Chief Executive Officer.
Federal Government has also imposed a $10 billion fine on Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the naira, the nation’s currency.
The Binance exchange is a leading cryptocurrency exchange founded in 2017.
It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
On Tuesday, Binance, in a post on its website, said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.