Binance cuts support for Nigerian naira amid regulatory dispute
Quick Take
- Binance is removing all support for the Nigerian naira.
- The move comes amid a regulatory conflict between the exchange and the country.
Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country.
The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
The conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement.
All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.
Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the naira at various dates and times.
The news follows a disputed report from the BBC that the Nigerian government demanded a minimum of $10 billion from Binance for “illegal transactions” that allegedly harmed the country. Multiple reports also claim the crypto exchange has been under investigation by Nigerian authorities and that multiple executives have been detained.
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