What Binance Told Nigerian Customers After Discontinuing Its Services

Crypto trading platform, Binance, has issued a further clarification to its earlier statement where it announced the discontinuation of NGN services in Nigeria.

The company said while it has discontinued trading in the Nigerian currency, its customers can “continue to make use of other Binance services and products for other available cryptocurrencies.” 

While Binance did not state specifically that it is closing its operations in Nigeria, the company said it would discontinue all NGN-related services.

 However, a follow-up to the statement posted on its X handle assured Nigerians that they could still trade other products. 

In its earlier statement, the company declared that it would no longer accept Naira deposits from today, March 5, adding that Nigerians now have until March 8 to withdraw their NGN assets.

According to the company, any asset not withdrawn by that date would be converted to USDT.  

In the statement released on Tuesday, Binance highlighted the services it will discontinue in Nigeria. The statement reads:

“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.

“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“