It was recently reported that the Nigerian government intends to seek compensation of US$10 billion due to Binance's severe impact on the country's legal currency exchange rate (which has depreciated by more than 70% in the past year). The actual situation has not yet been further confirmed; today (3/5) Binance announced that, Will exit the Nigerian fiat currency service and stop the Naira (NGN) service on the platform.
(Binance shakes the country’s foundation? Nigeria asks for $10 billion in compensation: Binance devalued the country’s currency by 70%)
Binance announces withdrawal from Nigeria’s fiat currency service
Binance stated that starting from 8:00 am (UTC) on March 8 (4:00 pm Taiwan time), the remaining NGN balance in the user's Binance account will be automatically converted to USDT at the exchange rate of 1 USDT = 1,515.13 NGN.
2/28 15:00 (UTC) All NGN trading pairs have been removed from the P2P market
NGN recharge will not be supported after 3/5 14:00 (UTC)
NGN withdrawals will not be supported after 3/8 06:00 (UTC)
In addition, the spot market and payment functions will stop supporting NGN.
This article Binance announced that it will withdraw from Nigeria’s fiat currency service and automatically convert to USDT on 3/8 first appeared on Chain News ABMedia.
