Binance has provided further clarification regarding its decision to discontinue NGN services in Nigeria. Although it’s discontinuing trading in Nigerian currency, customers can still utilize other Binance services for various cryptocurrencies. While Binance didn’t explicitly state closing operations in Nigeria, it assured Nigerians they could still engage in other product trades.
The company set a deadline for withdrawing NGN assets by March 8, after which remaining balances will be automatically converted to USDT. Binance outlined specific timelines for discontinuing NGN-related services, including deposits, withdrawals, and conversions.
Additionally, it announced delisting NGN spot trading pairs and other corresponding services. Binance’s decision follows recent governmental scrutiny over alleged forex manipulations, with two executives detained in Nigeria.