Crypto trading platform, Binance, has advised Nigerians trading on its exchange to withdraw all their NGN assets as it discontinues services in the country.
This comes amidst ongoing rancour with the Nigerian government over Binance operations in the country.
The crypto platform is being accused of manipulating the country’s currency leading to its steady fall against other currencies. Some of its executives are also currently being detained by the Nigerian government.
The company said it would no longer accept Naira deposit from today, March 5, adding that Nigerians now have until March 8 to withdraw their assets. Binance said any asset not withdrawn by that date would be converted to USDT.
Although the Nigerian government has blocked access to the Binance website weeks ago, the company in a statement released on Tuesday and published on its website, said:“Fellow Binancians, Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
“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).
