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Binance, a cryptocurrency trading platform, announced plans on Tuesday to stop all Nigerian Naira (NGN) services on its platform, with a specific timeframe for users to take appropriate action.

According to the notification provided to its consumers, Binance users are asked to withdraw their naira balances, trade their NGN assets, or convert naira to cryptocurrencies before NGN services are discontinued.

It was highlighted that this suspension only impacts NGN services, and that users can continue to use services and products for other cryptocurrencies on the platform.

Nigeria is recognised as one of the largest cryptocurrency markets globally.

Binance announced on Tuesday that it will no longer handle naira deposits after Tuesday afternoon and withdrawals after 6 a.m. Universal Time Coordinated (UTC) on Friday.

It stated that auto-invest for naira will be delisted, and naira payments will be deleted as a supported payment method on its app by Wednesday at 3 a.m. (UTC).

At 2 a.m., conversion to naira, as well as the matching pairs, will be delisted. On Thursday, at 3 a.m., naira Spot Trading Pairs such as BTC/NGN and USDT/NGN will be delisted.

Starting this Friday, all leftover naira balances in user accounts will be automatically converted into Tether, a digital stablecoin pegged to the value of the US dollar. It stated that it would be exchanged at a rate of 1 USDT = 1,515.13 NGN after Friday at 8 a.m. UTC.

It informed its customers that the conversion rate will be based on the average closing price of the USDT/NGN trading pair on Binance Spot over the previous seven days.

According to the statement, the conversion procedure could take up to 24 hours or more. Following the conversion, USDT tokens will be credited to users’ Spot wallets, and users may confirm receipt of tokens using the Convert History page.

Users with NGN balances of less than 0.00000001 USDT in their spot and funding wallets will receive 0.00000001 USDT in their spot wallets after conversion.

Olayemi Cardoso, Governor of the Central Bank of Nigeria, informed journalists at the end of the Monetary Policy Committee meeting that Binance Nigeria received around $26 billion from ‘unknown sources’ during the last year.

The federal government has also accused the platform of manipulating foreign exchange rates through currency speculation and rate fixing.