Because of an ongoing dispute over regulations in Nigeria, Binance would be discontinuing its services for the naira, the country’s fiat currency.

The Naira, the currency of Nigeria, was allegedly manipulated by the cryptocurrency exchange site Binance, which led to a sharp decline in its value.

In addition, the business is charged with tax evasion, money laundering, and financing terrorism.

Beginning on March 8 at 8:00 a.m. UTC, the cryptocurrency exchange will automatically convert naira balances to USDT; however, support for NGN deposits will terminate at 14:00 UTC today. The support for withdrawals will end on March 8, at 6:00 a.m. UTC.

In a Tuesday statement, the corporation suggested that users exchange their NGN assets, withdraw their NGN, or convert their NGN into cryptocurrency.

The text of the statement said, “Users are invited to quit NGN, exchange their

NGN assets or exchange NGN for cryptocurrency before these NGN services are discontinued.

Any remaining NGN balances in customers’ Binance accounts will be immediately changed to USDT based on the conversion rate below as of 2024-03-08 08:00 (UTC).

Binance will stop accepting NGN deposits at 14:00 (UTC) on 2024-03-05. No support will be provided for NGN withdrawals after 2024-03-08 06:00 (UTC).

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

Please be aware that the conversion rate is determined using the trading pair’s average closing price on Binance Spot over the previous seven days (USDT/NGN).

“The changeover could require up to 24 hours or more. Following that, users’ Spot wallets will be credited with USDT tokens, which they can verify they have received by visiting the Convert History page.

“Users will each receive 0.00000001 USDT in their Spot wallets following the conversion if they have less than 0.00000001 USDT worth of NGN in their Funding and Spot wallets.”