A regulatory clash in Nigeria is forcing Binance, the world’s leading cryptocurrency exchange, to sever ties with the Nigerian Naira (NGN) from March 8th. This news, revealed through a mobile app announcement and via Binance’s X account (formerly known as Twitter), comes amidst ongoing regulatory pressure on Binance within the West African nation.
Nigerians will no longer be able to deposit funds using NGN on the platform starting March 5th. Existing NGN balances in user accounts will be automatically converted to USDT, a US dollar-pegged stablecoin, on March 7th. This date also marks the delisting of all NGN trading pairs on the exchange.
The impact extends beyond trading, as Binance Pay, the company’s payment solution service, will also discontinue NGN as a payment option.
