Cryptocurrency exchange Binance has declared the cessation of all services related to the Nigerian naira (NGN).

As per the platform's announcement on March 5th, commencing at 8:00 UTC on March 8th, all remaining NGN balances in Binance users' accounts will be automatically converted to the USDT stablecoin. Users are advised to withdraw NGN before this time, as deposits will be suspended on March 5th.

Binance will discontinue support for NGN in spot trading, P2P trading, 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.”

In February, Nigerian authorities expressed apprehension regarding the influence of cryptocurrency exchanges on the nation's economy. The government issued directives to telecommunication firms to restrict access to various platforms, including Binance, Coinbase, and Kraken.

During efforts to address the situation, two Binance employees who had traveled to Nigeria were detained by security authorities. They were questioned regarding regulations concerning the foreign exchange market.

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

Furthermore, the Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to testify regarding allegations of terrorist financing and money laundering. Teng has been requested to appear before the committee no later than March 4th.