Binance to leave Nigeria, urges Nigerians to withdraw naira assets

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Lagos, March 5, 2024 – Binance, a Cryptocurrency trading platform, on Tuesday advised Nigerians trading on its exchange to withdraw all their naira assets as it plans to discontinue its services in the country. 

The company announced this in a statement published on its website.

It said it would no longer accept naira deposits from today, March 5, adding that Nigerians now had until March 8 to withdraw their assets.

Binance said any asset not withdrawn by that date would be converted to USDT.

“Fellow Binancians, Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below. 

“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.  

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below. 

“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).  

“Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC). 

“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.  

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page

Of late, the company has been having a face-off with the federal government over allegations of illegally influencing naira exchange rates, terrorism financing and other fraudulent activities.

The House of Representatives on Monday threatened to arrest its executives for failing to appear before its committee to answer some questions on its activities in Nigeria.

There was also a report that the Federal Government had fined the company $10 billion for its illegal operation in Nigeria.   (GBN)

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