- Binance advises Nigerian traders to withdraw all NGN assets as it discontinues services in the country following alleged currency manipulation accusations.
- The Nigerian government has reportedly blocked access to Binance’s website, leading to ongoing tensions and the detention of some executives.
- Users are given until March 8 to withdraw assets, after which any remaining NGN balances will be automatically converted to USDT.
- Binance will no longer accept Naira deposits from March 5 and will delist NGN spot trading pairs, urging users to take necessary actions.
- The company outlines detailed conversion procedures, including withdrawal deadlines and the automatic conversion of remaining NGN balances.
Amidst a backdrop of discord with the Nigerian government, the popular cryptocurrency trading platform Binance has urged customers trading on its exchange to withdraw all their NGN assets as it halts its services in the country.
The move follows allegations that Binance has been influencing the country’s currency, leading to a steady depreciation against other currencies, and reportedly resulting in the detention of some of its executives by Nigerian authorities.
Binance’s Actions and Conversion Procedures
Binance announced that it would cease accepting Naira deposits from March 5 and urged Nigerian traders to withdraw their assets before March 8.
After this deadline, any remaining NGN balances will be automatically converted to USDT at a predetermined ratio.
The conversion process is detailed, aiming to provide users with a smooth transition away from NGN holdings and ensure the safety of their assets.
Delisting and Timeline for Withdrawals
The cryptocurrency platform shared that it plans to delist all existing NGN spot trading pairs, including BTC/NGN and USDT/NGN, followed by a cessation of trading in these pairs.
Binance aims to assist users through this transition, emphasizing the importance of reviewing and managing their assets before the delisting dates.
Additionally, Binance will remove NGN from the list of supported payment options on Binance Pay, as part of its broader strategy to discontinue Naira-related services in Nigeria.
The company’s measures reflect a response to ongoing challenges and regulatory pressures in the Nigerian market, shaping the future course of its operations in the region.
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