- Binance will no longer process Nigerian Naira (NGN) transactions for deposits, withdrawals, or trading.
- Users have until March 8th to withdraw NGN or convert it to other crypto assets.
- Remaining NGN balances will be automatically converted to USDT after March 8th.
In a blow to ordinary crypto users, Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will discontinue all Nigerian Naira (NGN) services on its crypto platform. This decision comes amidst ongoing regulatory challenges facing the crypto industry in Nigeria, which highlights the complex and evolving relationship between digital assets and traditional financial systems.
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Details of Discontinuation
In a post on Binance‘s official website, an announcement outlines a strict timeline for the cessation of NGN support. Key dates and actions include:
- March 5th: Deposits of NGN will no longer be supported.
- March 7th: Spot trading pairs involving NGN will be delisted.
- March 8th: Withdrawals of NGN will cease, and any remaining NGN balances will be automatically converted to USDT.
Nigerian Binance users are urged to carefully manage their NGN assets before the final deadline indicated above to avoid losses.
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Some alternative options available for users are:
- Withdrawing NGN: Converting NGN to a supported fiat currency and withdrawing it via available channels.
- Converting to Crypto: Trading NGN for supported cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or stablecoins like USDT.
Users of Binance and other crypto exchanges in Nigeria are certainly familiar with strict limitations and restrictions such as this one that’s being enforced now. With that said, there have been instances when the Central Bank of Nigeria moved to lift certain bans if possible.
For now, Binance’s decision underscores the need for crypto users in Nigeria to stay informed about regulatory developments and explore alternative platforms or methods for accessing cryptocurrencies. Although it creates limitations, it also highlights the importance of adaptability and exploring decentralized options within the ever-evolving crypto market.
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