Following the crackdown on the cryptocurrency exchange by Nigerian officials, Binance has announced that it would stop offering any naira services by March 8, 2024.
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It announced on Tuesday that it will no longer be accepting naira deposits in a statement. “Prior to the termination of these NGN services, users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into cryptocurrency.”
“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,” it said.
The conversion may take up to 24 hours or longer, Binance said. It highlighted that its auto invest will delist NGN after March 6, and naira will be removed from its list of supported payment options on Binance Pay on the same day.
Currently, the Binance P2P market is officially unavailable in Nigeria. Last week, two of the firm’s executives were detained as authorities allegedly demanded to see the list of the firm’s Nigerian users.
“The government is focusing on the wrong thing in their effort to tackle the naira’s issue,” Chimezie Chuta, founder and coordinator of Blockchain Nigeria User Group said.
On its X page, Binance highlighted that users can continue using its other services and products for other available cryptocurrencies.