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Binance ends Nigeria operations, suspends naira services

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Binance, a cryptocurrency exchange platform, has announced plans to discontinue all services related to the Nigerian naira.

The Cryptocurrency exchange platform was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value.

In a report by Chronicle NG on Thursday, February 22, 2024, Binance reputed to be the world’s largest cryptocurrency trading platform, confirmed the blockade of its website and other cryptocurrency platforms by Nigerian users.

Nigeria remains one of the largest peer-to-peer crypto markets in the world.

The company in a statement released on Tuesday urged its Nigerian user to withdraw their Naira, trade their Naira assets or convert their Naira into crypto.

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.

“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).

“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

“If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.”

The Nigerian government had accused the cryptocurrency trading of terrorism financing, money laundering and tax evasion, among others offences.

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