Cryptocurrency exchange company, Binance, has announced plans to discontinue all services related to the Nigerian naira.
The company has been accused of exploiting the Nigerian currency, Naira, leading to its free fall in value.
The company is, in addition, facing allegations of terrorism financing, money laundering, and tax evasion, among others.
The company, in a statement on Tuesday, advised users to withdraw, trade assets, or convert their Nigerian Naira into crypto.
The statement read, “Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the discontinuation of these NGN services.
“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.”
“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).”
“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.”
Nigeria is however one of the largest peer-to-peer crypto markets in the world as crypto transactions in the country reached fifty-six point seven billion dollars between July 2022 and June 2023.
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