Binance leaves Nigeria, suspends all naira services

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Cryptocurrency exchange, Binance has announced that it will stop providing all services related to the Nigerian naira (NGN)

The exchange’s decision comes amid Nigeria’s crackdown on the global crypto exchange.

According to the platform’s announcement on Tuesday, March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin.

Users have also been advised to withdraw NGN deposits will be suspended on March 5.

In addition, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.

“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday.

The federal government is also demanding at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the naira, the nation’s currency.

The Binance exchange is a leading cryptocurrency exchange founded in 2017.