Binance has made the decision to withdraw from the transaction that involves the Nigerian Naira from the Binancemarket, citing regulatory challenges as the primary reason.

Effectively from March 8, all services in the Nigerian naira (NGN) will be discontinued. The announcement, made on March 5, includes the suspension of NGN withdrawals. Users are advised to withdraw their NGN balances or convert them into cryptocurrency before the deadline, as any remaining NGN will be automatically converted to the Tether stablecoin.

This move follows Nigeria's central bank banning regulated financial institutions from offering services to crypto exchanges within the country.