In an update on its website, Binance revealed that starting this Friday, any remaining NGN balances in user accounts will be automatically converted to Tether’s stablecoin USDT.
Additionally, by March 8, Binance will convert all remaining Naira-denominated balances in user wallets into USDT.
See Also: Nigerian Authorities Summons Binance’s CEO Over Alleged Terror Financing
The exchange will also delist all existing Naira spot trading pairs, including those involving Bitcoin and USDT, from March 7.
The decision to halt Nigerian naira services follows Binance’s earlier delisting of all Naira trading pairs on its peer-to-peer platform on February 28.
The Nigerian government has intensified its regulatory actions against the exchange, demanding nearly $10 billion in compensation.
Furthermore, according to multiple media reports, two senior executives from Binance were arrested last week.
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