Binance, the popular Cryptocurrency exchange, has stopped providing all services related to the Nigerian naira (NGN).
The action is coming amid Nigeria’s crackdown on the global crypto exchange.
According to Binance, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin.
The Cryptocurrency exchange has also admonished users to withdraw NGN deposits.
Additionally, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay, the platform said.
In a statement, Binance maintained that “Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT.”
It would be recalled that the Federal Government (FG) had effected the arrest of two Binance officials over allegations of “illegal transactions” in Nigeria.
The FG had also demanded at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the naira.
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