Binance Ends Naira Service in Nigeria

Binance has announced plans to end all its operations in the naira as of March 9, 2024, in Nigeria.

The cryptocurrency platform on its website on Tuesday, said it would officially suspend its naira service withdrawal after March 5, 2024.

It plans to convert the naira balance at N1,515.18 to a dollar.

Also, Binance says it is also stopping naira support for its other services like Binance converts, Binance p2p, the exchange auto-invest feature, and Binance payout.

Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).

Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

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The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.

The PUNCH had last week reported that the Federal Government allegedly detained at least two senior executives of Binance, a cryptocurrency exchange company.

According to a report by Financial Times, both executives flew into Nigeria last week following a ban on their website and were arrested by officials of the Office of the National Security Adviser and their passports seized.

The arrest came amidst efforts by the government to rein in speculation on the naira by cracking down on cryptocurrency exchanges.

Recently, the government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

It also sent operatives of the Economic and Financial Crimes Commission to arrest Bureau De Change operators at the Popular Wuse Zone 4 in Abuja.

On Monday, the executives of the foreign firm were expected to appear before the House Committee on Financial Crimes but they instead sent their lawyers to represent them.