Binance Ends Services for Nigerian Naira

Binance announces the termination of all services related to the Nigerian Naira (NGN) as it navigates the evolving regulatory landscape.

Binance, the world’s leading cryptocurrency exchange by trading volume, has taken the decisive step of ending all Nigerian Naira (NGN)-related services on its platform. This announcement comes in response to the changing regulatory environment and Binance’s commitment to compliance and transparency in its operations.

Service Termination Schedule

Termination of NGN services will follow a specific schedule as specified by Binance. The immediate call to action for users is to withdraw their NGN balances, trade their NGN assets or convert their NGN to cryptocurrency before the services are completely removed. It should be noted that from March 8, 2024, all remaining NGN balances will be converted to USDT stablecoin, with Binance setting a fixed exchange rate based on the recent average closing prices of the USDT/NGN trading pair.

End dates for NGN transactions

Binance has set clear deadlines for its users:

NGN deposits will be discontinued from March 5, 2024, at 14:00 UTC.

Withdrawals will not be supported after March 8, 2024, 06:00 UTC.

The conversion of NGN balances to USDT will begin on March 8, 2024, at 08:00 UTC, with the specified exchange rate of 1 USDT = 1515.13 NGN.

Impact on trading pairs and other services

Accordingly, Binance will remove all existing NGN spot trading pairs and remove NGN from Binance Convert. The platform’s P2P service has already removed NGN trading pairs, and Binance Pay will also remove NGN from its supported payment options. Users participating in Binance Auto-Invest plans with NGN will need to adjust their strategies accordingly.

Pressure from Nigerian government

Binance has faced increased scrutiny from the Nigerian government due to allegations of terrorist financing, money laundering and exchange rate manipulation.

The Financial Crimes Commission of the Nigerian House of Representatives has summoned Binance CEO Changpeng Zhao to appear before the commission by March 4, 2024. The chairman of the commission, Ginger Onusibe, has issued the ultimatum to address suspicions of the exchange’s involvement in illegal financial activities . The committee expressed its commitment to fighting financial crimes and protecting Nigerian citizens from potential risks posed by foreign companies operating in the country.

On March 1, 2024 Blockchain.News reported that the Nigerian government is seeking $10 billion in damages from Binance, alleging that the exchange manipulated exchange rates, contributing to a 70% devaluation of the Naira. The platform has also been accused of aiding money laundering and terrorist financing. The Central Bank of Nigeria has reportedly detained two foreign executives and uncovered $26 billion in cryptocurrency transactions.

However, both the Nigerian government and Binance have since denied these claims. In a statement, Binance clarified that it has not received any official communication from the Nigerian authorities regarding the alleged subpoena or the $10 billion damages claim. The exchange claims to operate in compliance with local laws and regulations and has a strong commitment to combating money laundering and terrorist financing (AML/CFT) measures.

Binance’s commitment to the crypto ecosystem

Despite these changes, Binance expressed gratitude to its users for their continued support and assured that it remains dedicated to building a sustainable crypto ecosystem. The focus on transparency and growth within regulatory frameworks is evident in Binance’s approach to the termination process.

Advice and risk warnings

Binance advises users to manage their assets accordingly and reminds them of the inherent volatility and risk associated with investing in digital assets. The Exchange encourages informed decision-making and, when necessary, consultation with financial advisors.


The suspension of NGN services by Binance is a significant development for Nigerian users and reflects the broader challenges crypto exchanges face in navigating global regulatory waters. As Binance and other platforms adapt to these changes, the crypto community will likely see a greater emphasis on compliance and risk management in the industry.

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