By Ola ‘Kiya, Reporting
LEADING global cryptocurrency exchange platform, Binance, says it’s dropping all its Naira services starting from March 8.
This decision comes amid the company’s ongoing regulatory challenges in Nigeria, as disclosed in a statement on its app.
Effective March 5, Binance will cease naira deposits, followed by the termination of withdrawals on March 8.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday.
Binance will also delist all existing NGN spot trading pairs on March 7.
The naira will be removed from the list of supported payment options on Binance Pay, the exchange’s payment solution.
Binance’s decision coincides with Nigeria’s intensified scrutiny of the global cryptocurrency exchange.
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