Binance, one of the world’s leading cryptocurrency exchanges, has recently announced the discontinuation of all Nigerian Naira (NGN) services, marking a significant shift in its operational focus.

Binance Nigeria declared illegal by SEC, warns investors | Jamnet
Binance Nigeria

Binance has outlined a clear timeline for the discontinuation of NGN services, and users are strongly encouraged to take the necessary actions within the specified periods. Here’s a breakdown of the key dates:

Join our Telegram Channel for Updates

Join our Telegram Channel for Updates

Deposits of NGN: Binance will cease to support deposits of NGN after 2024-03-05 14:00 (UTC). Users are urged to plan their transactions accordingly.

Binance Auto-Invest: NGN will be delisted from Binance Auto-Invest after 2024-03-06 03:00 (UTC). Users utilizing this service should be aware of the timeline to avoid any disruptions.

B-Pay: NGN will be removed from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC). Users making payments through this platform should consider alternative options.

B-Convert: NGN and corresponding pairs on Binance Convert will be delisted at 2024-03-07 02:00 (UTC). Users engaging in conversion activities should complete their transactions before this date.

NGN Spot Trading Pairs: Spot trading pairs involving NGN (e.g., BTC/NGN and USDT/NGN) will be delisted at 2024-03-07 03:00 (UTC). Traders are advised to wrap up their positions in these pairs accordingly.

Withdrawals of NGN: Support for withdrawals of NGN will be discontinued after 2024-03-08 06:00 (UTC). Users holding NGN balances should initiate withdrawals before this deadline.

Conversion to USDT: Binance will automatically convert any remaining NGN balances in users’ Spot and Funding wallets into USDT at a ratio of 1 USDT = 1,515.13 NGN after 2024-03-08 08:00 (UTC).

Important Considerations:

Conversion Rate Calculation: The conversion rate is determined based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

Processing Time: The conversion process may take up to 24 hours or longer. Users will receive USDT tokens in their Spot wallets, and confirmation can be checked via the Convert History page.

Minimum Balance: Users holding less than 0.00000001 USDT worth of NGN will receive 0.00000001 USDT in their Spot wallets after the conversion.

The crypto company’s decision to discontinue NGN services reflects the dynamic nature of the cryptocurrency landscape. Users are advised to stay informed and take the necessary actions outlined in the timeline to ensure a smooth transition.

The crypto company remains committed to providing a seamless experience for its global user base while adjusting its services to meet evolving market demands.

LEAVE A REPLY

Please enter your comment!
Please enter your name here