Crypto trading platform, Binance, has advised Nigerians trading on its exchange to withdraw all their NGN assets as it discontinues services in the country.
This comes amidst ongoing rancour with the Nigerian government over Binance operations in the country.
The crypto platform is being accused of manipulating the country’s currency leading to its steady fall against other currencies. Some of its executives are also currently being detained by the Nigerian government.
The company said it would no longer accept Naira deposit from today, March 5, adding that Nigerians now have until March 8 to withdraw their assets. Binance said any asset not withdrawn by that date would be converted to USDT.
What Binance is saying
Although the Nigerian government has blocked access to the Binance website weeks ago, the company in a statement released on Tuesday and published on its website, said:
- “Fellow Binancians, Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
- “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
- “From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.
- “Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
- “Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
- “After 2024-03-08 08:00 (UTC), 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.
- “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.
- “The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.
- “If 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.”
Other actions
Binance said it would delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 03:00 (UTC).
All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.
- “Users should ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases,” it added.
The company it would also convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC), while Binance P2P delisted all NGN trading pairs at 2024-02-28 15:00 (UTC).
- “Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail,” it added.
Binance said it would remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).
Good news,binance is not Good for Nigerians,it is just used to devalue our currency.
Good news.
Well, we’ll see if they’ll be a rebound in the exchange of Naira against the USD & GBP. Time will tell.
Very good ideal from the Nigeria government because the crypto is really affecting the exchange rates to naira and it make our naira fall to dollar let see if it we help to improve our naira in the exchange parallel 😀
The country is going backwards
Binance isn’t the causes of this shit, it’s the Nigerian government that always attempts to plan things without control. I’m not pessimistic, but, This issue of Naira devaluation will continue moving from bad to worse if good care isn’t taking. And they knew how to tactically deal with it, but selfishly, they won’t, because of their unbridled ambition and unconcerness of the masses.
Well spoken my dear, the Nigeria government are the causes for this naira devaluation thinking is binance, blocking access on binance against Nigeria traders is a totally waste of time because despite this” the naira devaluation will still remain the same or even get worse except God help us in the country, Nigeria government are just being envy and jealous with the kind of money binance is making on a daily basis and they’ve seen that Nigeria traders are making a good living in this crypto space, now! They’ve come out with their demonic plans and manipulations thinking that they can unleashed them on us but they’ve totally failed by God because this is a total wickedness in the highest order, the truth is that” our Nigeria governments doesn’t want us to even breath for even once talk more of seeing the masses living well, but God has failed them this time around in Jesus name, I begins to think that, Buhari regime is far better than this so-called Tinubu, though I didn’t like any of their reign, Nigeria youths should wake up and stand firm against all this weak old and selfish ones trying to rule us with wrong mentality, I’m from Nigeria and I know what I’m talking about and also I’m not afraid of whatever the government are doing because with God all things are possible, so” God no go shame us for sure.
Binance isn’t the only crypto trading platform in Nigeria so this is not a solution.
Binance is the not the problem, unless the fundamentals are taken care of, exchange rate will continue to be a problem in Nigeria.
I hope we are aware that Binance has been in existence in Nigeria for over 5years and this rapid rate of naira devaluation (emphasis on rapid rate) didn’t happen until just few months ago. I also hope we are aware that binance is not the only crypto exchange operating in Nigeria. I hope still that we are aware that it’s not only dollar the naira is rapidly falling against but also other currencies including African currencies, and these are not traded by many Nigerians on binance. Until we realize we need to follow actual solutions, we are just chasing shadows out of sheer envy and drama.
That said, hope p2p operators will learn incase, they supported or applauded the rapid rise of dollar against naira at any point just for their gains.