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Binance, the biggest crypto exchange by trading volume, in a post revealed that it will discontinue all Nigerian Naira (NGN) services. This comes after the Nigerian parliament <a href="https://news.todayq.com/binance-faces-10b-penalty-in-nigeria/" rel="noopener noreferrer nofollow">threatened</a> to pass a warrant of arrest on the company’s executives. Binance calls to delist 
According to the post, Binance advised users to withdraw NGN, trade their NGN assets, or convert NGN into crypto before the specified timeline.&nbsp;
It mentioned that deposits of NGN will not be supported after March 5, 2024, at 14:00 (UTC). The withdrawals of NGN will cease after March 8, 2024, 06:00 (UTC). It added that after March 8 at 08:00 (UTC), any remaining NGN balances in users’ Spot and Funding wallets will be automatically converted to USDT. However, the rate of 1 USDT = 1,515.13 NGN.
Binance highlighted that the conversion rate is based on the average closing price of the USDT/NGN trading pair on the exchange’s Spot over the last seven days. It added that the conversion process may take up to 24 hours or longer. The USDT tokens are credited to users’ Spot wallets afterward.
It is important to note that the user that holds less than 0.00000001 USDT worth of NGN in their wallets will receive 0.00000001 USDT in their Spot wallets. This will also take place after the conversion. Binance added that it will delist all existing NGN spot trading pairs on March 7 with open spot orders automatically closed at that time. This includes pairs BTC/NGN and USDT/NGN. What’s going on? 
This major delisting comes in when the crypto market is riding high on bullish momentum. Bitcoin (BTC) on Tuesday breached the $68,000. BTC price has jumped by 55% in the last one month. The original crypto is trading at an average of $67,705, at the press time. Its 24 hour trading volume is up by 68% to stand at $76 billion.&nbsp;
According to the reports,&nbsp; the House of Representatives Committee on Financial Crimes of Nigeria issued a threat against Binance during the probe hearing. However, the panel had summoned the crypto exchange’s Managing Director, Richard Teng, in a letter dated 12 December 2023.
It is being reported that he did not honor the invitation. Meanwhile, the company has been sending its Nigerian lawyer to appear before the committee.
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Binance to discontinue Nigerian Naira (NGN) amid dispute

Todayq News

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