Binance has advised users to withdraw Naira, trade their Naira assets or convert Naira into crypto, following the decision to suspend its services for Nigeria’s fiat currency, the naira, due to an ongoing regulatory conflict in the country.
Binance, a cryptocurrency exchange platform, has been blacklisted by the Nigerian government for allegedly exploiting Nigeria’s currency, the Naira, causing its value to plummet.
The company was also accused of terrorism financing, money laundering, and tax evasion, among other things.
However, the cryptocurrency exchange will automatically convert naira balances to USDT beginning March 8 at 8:00 a.m. UTC, although support for NGN deposits will end after 14:00 UTC today.
Withdrawals will be unsupported after March 8, at 6:00 a.m. UTC.
