In a surprising move, Binance, one of the world’s leading cryptocurrency exchanges, has announced that it will be discontinuing all Nigerian Naira (NGN) services. This decision comes as a shock to many Nigerian traders and investors who have been relying on Binance for their cryptocurrency needs.
According to the official statement released by Binance, the discontinuation of NGN services is due to “recent restrictions on cryptocurrency transactions by the Central Bank of Nigeria (CBN).” The CBN had earlier issued a directive to all financial institutions in the country, instructing them to close accounts that are used for cryptocurrency transactions.
This move by the CBN has sparked widespread debate and criticism within the Nigerian cryptocurrency community. Many argue that the restrictions imposed by the CBN are regressive and hinder the growth of the country’s digital economy. Binance’s decision to discontinue NGN services is seen by some as a direct response to these restrictions.
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As a result of this decision, Nigerian users will no longer be able to deposit or withdraw NGN on Binance. However, they will still be able to trade cryptocurrencies using other supported fiat currencies or cryptocurrencies on the platform.
Binance Exit Statement
“Fellow Binancians,
Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below.
Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.
Deposits, Withdrawals and Conversions:
- Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
- Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
- After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.
- Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.
- The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.
- If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.
Spot:
- Binance will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 03:00 (UTC).
- All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.
- Users should ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases.
Convert:
- Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC).
Binance P2P:
- Binance P2P delisted all NGN trading pairs at 2024-02-28 15:00 (UTC).
Auto Invest:
- Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail.
Binance Pay:
- Binance will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).
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.
Note: There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
Thank you for your support!
Binance Team
2024-03-05″
The Impact on Nigerian Traders and Investors
The discontinuation of NGN services on Binance will undoubtedly have a significant impact on Nigerian traders and investors. Binance has been a popular choice among Nigerians due to its user-friendly interface, wide range of supported cryptocurrencies, and competitive trading fees.
Many Nigerians have used Binance as a gateway to the world of cryptocurrencies, allowing them to participate in the global digital economy. With the discontinuation of NGN services, Nigerian traders and investors will now have to find alternative platforms to meet their cryptocurrency needs.
While there are other cryptocurrency exchanges available in Nigeria, none have the same level of popularity and trust as Binance. This means that Nigerian users may face challenges in finding a reliable and secure platform to trade cryptocurrencies.
Exploring Alternatives
For Nigerian users who are now in search of alternative platforms, it is crucial to consider factors such as security, user experience, and available trading pairs. Some popular alternatives to Binance in Nigeria include Luno, Quidax, and BuyCoins.
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Luno is a well-established cryptocurrency exchange that supports multiple fiat currencies, including the Nigerian Naira. The platform offers a user-friendly interface and a wide range of trading pairs. Quidax and BuyCoins are also gaining popularity among Nigerian users and offer similar features.
Before choosing an alternative platform, it is important for Nigerian users to conduct thorough research and consider their specific trading needs. It is advisable to compare the fees, security measures, and available cryptocurrencies on different platforms to make an informed decision.
The Future of Cryptocurrencies in Nigeria
The discontinuation of NGN services on Binance raises questions about the future of cryptocurrencies in Nigeria. While the CBN’s restrictions have created obstacles for Nigerian users, the demand for cryptocurrencies continues to grow.
Cryptocurrencies offer numerous benefits such as fast and low-cost transactions, financial inclusion for the unbanked, and opportunities for investment and wealth creation. As more Nigerians recognize these advantages, the demand for cryptocurrencies is expected to rise.
It is crucial for the Nigerian government and regulatory bodies to adopt a forward-thinking approach towards cryptocurrencies. By implementing clear and supportive regulations, Nigeria has the potential to become a hub for cryptocurrency innovation and investment.
Conclusion
The discontinuation of Nigerian Naira (NGN) services on Binance is a significant development in the Nigerian cryptocurrency landscape. While this decision may disrupt the trading activities of Nigerian users, it also highlights the need for a more favorable regulatory environment.
Nigerian traders and investors now face the task of finding alternative platforms that meet their cryptocurrency needs. By exploring reliable and user-friendly alternatives, Nigerian users can continue to participate in the global digital economy.
Ultimately, the future of cryptocurrencies in Nigeria depends on the government’s willingness to embrace innovation and create an enabling environment for the growth of the digital economy.
