Binance Exchange to Halt Support for NGN
Date: 2024-03-05 Author: Dima Zakharov Categories: BUSINESS
Binance's Decision:
Binance, a leading cryptocurrency exchange, has decided to discontinue all services related to the Nigerian Naira (NGN) effective March 8, 2024. This move entails an automatic conversion of NGN balances held by users into USDT. This decision comes amidst reports indicating that the Nigerian government might impose a hefty fine of $10 billion on the trading platform.
User Guidelines:
The exchange's press service has advised clients to withdraw their NGN balances and refrain from trading assets in this digital currency or converting it into other virtual assets until the cessation of services. Binance will stop accepting deposits in NGN starting today, March 5, 2024.
Conversion Process:
Remaining NGN balances in users' spot and futures wallets will be converted into stablecoins at a ratio of 1 USDT = 1515.13 NGN. This conversion rate is based on the average closing price of the USDT/NGN trading pair on the spot market over the past 7 days.
Listing Changes:
Binance will delist existing spot trading pairs BTC/NGN and USDT/NGN on March 7, 2024. All open orders will be automatically closed. Binance Convert will also exclude NGN from its listings.
Government Allegations:
Previously, Nigerian authorities accused Binance's management of deliberately manipulating the value of the country's national currency, adversely affecting the state's economy. However, Binance employees later denied these allegations, stating that no payment demands were made. Discussions between Binance's management and Nigerian regulatory authorities are ongoing.
