Binance, one of the leading cryptocurrency exchanges globally, has recently announced the discontinuation of all Nigerian Naira (NGN) services as per the outlined timeline.
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This decision, communicated to users via official channels, impacts various aspects of NGN services on the platform. Users are strongly encouraged to take necessary actions before the specified deadlines to avoid any inconvenience.
Effective immediately, Binance will cease to support deposits of NGN after 2024-03-05 14:00 (UTC). Furthermore, Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC), and NGN will be removed from the list of supported payment options on Binance Pay at the same time.
Additionally, Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC), followed by the delisting of NGN Spot Trading pairs, such as BTC/NGN and USDT/NGN, at 2024-03-07 03:00 (UTC). Withdrawals of NGN will no longer be supported after 2024-03-08 06:00 (UTC).
To facilitate the transition, 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 after 2024-03-08 08:00 (UTC). It’s important to note that this 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 process may take up to 24 hours or longer, and USDT tokens will be credited to users’ Spot wallets thereafter. Users can confirm the receipt of tokens via the Convert History page. In cases where users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.
Binance expresses gratitude for the continued support and understanding from its users. The platform’s overarching goal is to foster transparency and promote long-term, sustainable growth within the cryptocurrency ecosystem. As the industry continues to evolve, Binance remains committed to providing innovative solutions that meet the needs of its global user base.
For further information and updates, users are encouraged to visit the Binance website and follow official communication channels.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
