Cryptocurrency exchange platform, Binance has announced plans to leave Nigeria.
Daily Report Nigeria reports that the exchange intermediary will also end operations in Naira.
The decision is sequel to an ongoing probe and sanction against it by thr Nigerian government.
In an official statement on Tuesday, Binance said it will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today.
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Also, Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
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The company said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira.
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.
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