Cryptocurrency exchange Binance announced that it will stop providing all services related to the Nigerian naira (NGN).

According to the platform’s announcement on March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin. Until this time, users are advised to withdraw NGN. Deposits will be suspended on March 5.

In addition, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.

“We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.”

Binance announcement

In February, Nigerian authorities became concerned about the impact of cryptocurrency exchanges on the country’s economy. The government has ordered telecommunications companies to block access to several platforms, including Binance, Coinbase, and Kraken.

Two Binance employees who had traveled to Nigeria to resolve the issue were detained by security authorities for questioning regarding foreign exchange market regulation.

In early March, media reported that Nigerian authorities allegedly demanded $10 billion in compensation from Binance for manipulating the naira exchange rate. However, both the exchange and adviser to the President of Nigeria, Bayo Onanuga, subsequently denied this information.

In addition, the Nigerian House of Representatives Committee on Financial Crimes has demanded that Binance CEO Richard Teng appear before the department no later than March 4 to testify regarding alleged terrorist financing and money laundering.