Bitcoin

<p><em><strong>One of the biggest cryptocurrency exchanges globally, Binance, has chosen to leave the Nigerian market. They’ve made it known that they’re stopping all services connected to Nigeria’s fiat currency, the naira.</strong></em></p><h2 id="header-0">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Binance-labs.png?fit&#61;850%2C480&amp;ssl&#61;1" /></p><p>Starting March 8 at 8:00 a.m. UTC, Binance will convert naira balances to USDT (Tether), a stablecoin tied to the US dollar. However, they will stop supporting naira deposits after 2:00 p.m. UTC today, and withdrawals will end after March 8 at 6:00 a.m. UTC.</p><h3 id="binance-ceases-naira-transactions-amid-regulatory-conflict">Binance Ceases Naira Transactions Amid Regulatory Conflict</h3><p>According to <strong><a href="https://www.binance.com/en/support/announcement/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144" rel="noopener noreferrer nofollow">an official announcement</a></strong>, Binance has set the automatic conversion rate at 1 USDT per 1,515.13 naira. This means that starting March 8, naira balances will be converted to USDT, a stablecoin pegged to the US dollar.</p><p>Additionally, <a href="https://cryptosheadlines.com/binance-delists-multiple-spot-trading-pairs/" rel="noopener noreferrer nofollow">Binance will delist all spot trading pairs</a> involving the naira on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.</p><p>Several Binance services, including Binance Convert, Binance P2P (Peer-to-Peer), Auto Invest, and Binance Pay, will no longer support naira transactions.</p><p>The decision to withdraw from the Nigerian <a href="https://cryptosheadlines.com/binance-appoints-new-head-for-regional-markets-amid-increasing-regulatory-scrutiny/" rel="noopener noreferrer nofollow">market comes amid regulatory</a> conflict with the country’s authorities. Last week, two Binance executives were detained by the office of the National Security Adviser in Nigeria. The company has been accused of contributing to the depreciation of the naira.</p><h2 id="header-1">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Binance-labs.png?fit&#61;850%2C480&amp;ssl&#61;1" /></p><h3 id="binance-conversion-process-and-impact-on-ngn">Binance Conversion Process and Impact on NGN</h3><p>Binance has indicated that the conversion process may take up to 24 hours or longer. During this time, naira balances will be converted to USDT <a href="https://cryptosheadlines.com/shiba-inu-burns-44-million-tokens-rate-surges-200/" rel="noopener noreferrer nofollow">tokens at a rate</a> of 1 USDT per 1,515.13 naira. Once the conversion is complete, the <a href="https://cryptosheadlines.com/sleeping-wallet-takes-out-usdt-from-binance-meme-buys-lots-of-tokens/" rel="noopener noreferrer nofollow">USDT tokens will be transferred to users’ Spot wallets</a>. Users can verify the receipt of these tokens on the conversion history page.</p><p><a href="https://cryptosheadlines.com/analysis-of-meme-coin-prices-shiba-inu-floki-dogwifhat-experience-surge/" rel="noopener noreferrer nofollow">Also Read:   Analysis of Meme Coin Prices: Shiba Inu- Floki- Dogwifhat Experience Surge</a></p><p>In its final remarks, Binance mentioned that users whose spot wallets hold less than 0.00000001 USDT worth of NGN after the conversion will receive 0.00000001 USDT in their spot wallet.</p><p>Following <a href="https://cryptosheadlines.com/binance-announces-new-metaverse-initiative-amid-rumors-of-us-exit/" rel="noopener noreferrer nofollow">Binance’s announcements</a>, the NGN experienced a significant drop, falling from a level of 1,594 dollars to 1,523 dollars.</p><p><em><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</em></p>

Binance Stops Naira Transactions; Ceases Operations in Nigeria

Table of Contents

CryptosHeadlines.com

Other articles published on Mar 5, 2024

Meme Coins Price Analysis: WILL SHIB, PEPE, FLOKI, DOGE Explode This Week?

Bitcoin’s price surges past $69,000, new ATH after 20% hike in 7 days

Crypto Market Update: Current Trends and Future Prospects

Bitcoin Halving Event Attracts Investor Attention

Louisiana Introduces Bill On Bitcoin Rights Amid BTC Price Rally To $68K

Tether blacklists four addresses holding over $20m in USDT

Join our free newsletter for daily crypto updates!