Cryptocurrency exchange, Binance, has announced intentions to cease all operations associated with the Nigerian naira.

Binance, a platform for exchanging cryptocurrencies, faced accusations of exploiting the Nigerian currency, the Naira, resulting in its depreciation.

Moreover, the company is under scrutiny for alleged involvement in terrorism financing, money laundering, and tax evasion, among other charges. However, the company, in a statement released on Tuesday, advised users to withdraw NGN, trade their NGN assets, or convert NGN into crypto.

The statement stated, “Users are urged to withdraw NGN, trade their NGN assets, or convert NGN into crypto before the cessation of these NGN services.

“Starting 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 specified below.

“Binance will no longer accept NGN deposits after 2024-03-05 14:00 (UTC). Withdrawals of NGN will cease 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 be aware that the conversion rate is computed based on the average closing price of the USDT/NGN trading pair on Binance Spot over the past seven days.

“The conversion process may take up to 24 hours or more. Subsequently, USDT tokens will be credited to users’ Spot wallets, and users can verify the receipt of the tokens through the Convert History page.

“If users possess 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 following the conversion.”