Binance has announced the discontinuing of all services relating to the Nigerian Naira currency.
The online crypto trading firm’s announcement of this development comes amid a brewing conflict with the country’s Central Bank of Nigeria, CBN.
CBN said over $26 billion Nigerian transaction passed via Binance, some of which could not be traced and might have gone into terrorism financing and illicit money laundering deals.
Two Binance executives were arrested earlier last weekend and the House of Representatives issued the CEO a summons in an ongoing investigation.
The crypto exchange will automatically convert Naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today.
Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC.
Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be $1 per N1,515.13.
All spot trading pairs against the Naira will be delisted on March 7 at 3:00 a.m. UTC.
Open spot orders for these pairs will be automatically closed.
Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the Naira at various dates and times.