Binance, a cryptocurrency platform, has announced plans to exit the Nigerian market and end the provision of services in the local currency, the Naira.
The platform, in the mail on Monday ,informed users that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8.
Users are advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before this deadline.
In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance’s range of services.
Recall that the Binance trouble started when the Nigerian government restricted its operation in the country’s cyberspace last month in a push to rescue the free fall of Naira.
Two executives of Binance were also detained owing to platform activities in Nigeria.
Newssphere reported that the Nigerian government slammed Binance $10 billion fine.
Similarly, the Nigerian House of Representatives has threatened to arrest Binance executives of terrorism financing and other allegations.
Recall that the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had said last year that $26 billion was funnelled through Binance without trace.
Meanwhile, the Biafra Republic Government In-Exile had launched Biafracoin to rival the Naira in cryptocurrency transactions.