Cryptocurrency exchange platform, Binance says it will no longer continue to provide services related to the Nigerian naira (NGN).
According to the platform’s announcement earlier today, all remaining naira balances in Binance users’ accounts will be automatically converted to USDT stablecoin.
Users have also been advised to withdraw as NGN deposits will be suspended later today.
In addition, Binance will completely stop supporting Naira in spot trading, P2P, Auto Invest, and Binance Pay.
The exchange’s decision comes amid Nigeria’s crackdown on the global crypto exchange with the reported arrest of two executives over the platform’s involvement in speculatory practices in naira to dollar exchanges last week.
