In an official announcement, Binance notified customers that it will no longer support Nigerian Naira (NGN) deposits starting today. Withdrawals to NGN will no longer be supported from March 8th. After March 8, Binance will convert all remaining NGN balances in users' wallets into USDT stablecoins on behalf of users at a ratio of one USDT = 1,515.13 NGN.
The exchange will exclude spot trading pairs BTC/NGN and USDT/NGN from listing starting March 7. All open spot orders for these trading pairs will be automatically closed. NGN will be removed from the list of supported payment methods on Binance Pay effective March 6th of this year.
The day before, Binance refused to pay a $10 billion fine to the Nigerian government. Local authorities previously detained two crypto exchange employees who arrived to resolve the issue of blocking the trading platform. Officials insist that the exchange contributes to the devaluation of the naira and generally launders criminal money. The country's parliament tried to demand that Binance management personally come to Nigeria and appear before deputies and law enforcement officers.
Source: Bits
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