Binance is planning to leave the Nigerian market and will no longer be offering services in local currency.
Users of the platform have been notified that after March 8, any balances left in NGN would be automatically converted to Tether (USDT), the stablecoin. Before this time, users are urged to withdraw, trade, or convert their NGN assets into bitcoin.
Furthermore, NGN trading pairs and NGN deposit capabilities will be temporarily discontinued, also, NGN will no longer be accepted for payment on all of Binance’s services.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday.
Two Binance officials were earlier arrested by the authorities over allegations of “illegal transactions” in Nigeria. [CONTINUE READING HERE]
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