World’s largest cryptocurrency exchange company in terms of daily trading volume of cryptocurrencies, Binance, has announced its intention to halt offering any services associated with the Nigerian Naira.
The announcement on Binance’s website on Tuesday stated that the exchange rate for automated conversions will be 1 USDT for every 1,515.13 naira.
The news comes just after Binance was accused of manipulating the value of the Nigerian Naira by taking advantage of it, causing it to plummet in value.
The corporation stated that as of today, March 5, it will no longer accept Naira deposits and that Nigerians would now have till March 8 to withdraw their funds. Any asset that is not withdrawn by that date, according to Binance, will be converted to USDT.
“From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to the Tether stablecoin,” the statement reads.
The exchange encouraged users to withdraw their naira funds, trade their naira assets or convert them to crypto before the discontinuation of these NGN services.
“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,” Binance added.
Last year, Binance entered a guilty plea to US charges, acknowledging that it had violated sanctions, and engaged in unauthorised money transmission, and money laundering.
In exchange, the company agreed to pay fines totalling more than $4 billion.