Binance dey transit to Tether stablecoin as dem give customers deadline to comot dia assets bifor dem leave Nigerian market

The origin of Weirdis photography is Binance

Binance in the Nigerian market, the world’s largest cryptocurrency exchange platform.

Binance announced on its website that the platform will discontinue all services for Contri in West Africa.

The Nigerian government condemned a number of Mago Magos and announced in February that it would block access to the platform.

Cryptocurrency platforms claim that fixing exchange rates can cause huge losses to contributors.

The DP added that Binance does not affect the appreciation of the foreign exchange rate by speculating on the Contri currency, which has caused the naira to depreciate by almost 70% in recent months.

Recently, Nigeria announced the arrest of two foreign executives at Binance without security authorities pursuing the allegations, alleging the platform was supporting terrorist financing amid money laundering and ODA allegations.

Meanwhile, the company issued a statement on March 5, saying that the exchange platform will suspend NGN withdrawals and not accept Naira deposits again, and that from March 8, users’ remaining balances will be transferred to Binance. Said to automatically convert into account. Detether stablecoin.

The statement revealed that Nigerians will have until March 8 to withdraw their assets and if they do not withdraw by that date, they will secretly go to USDT.

The cryptocurrency exchange said it would not participate in the Naira Afta deposit support on March 8, and did not allow users to withdraw NGN, trade NGN assets, or convert NGN to cryptocurrencies before suspending NGN services. Users are advised to do so.

“Binance will be discontinuing all Nigerian Naira (NGN) services according to the schedule below. Before discontinuing these NGN services, we urge our users to withdraw their NGN, trade their assets, and convert NGN into cryptocurrencies. It is recommended that you convert it to

The statement added the remark that the conversion rate is calculated based on the average closing price of the Binance spot USDT/NGN trading pair over the past 7 days.

Additionally, Binance Convert plans to delist NGN and all corresponding pairs on March 7th, according to a di statement.

“Binance will remove NGN from the list of payment options supported by Binance Pay on March 6, 2024 at 03:00 UTC.”

di company explains di statement and customer opinion:

  • Binance does not support deposits on NGN afta 2024-03-05 14:00 (UTC).
  • NGN withdrawals are no longer supported after 06:00 March 8, 2024 (UTC).
  • From 2024-03-08 08:00 (UTC) onwards, Binance will convert the remaining NGN balances in users’ Spot and Funding wallets to USDT on behalf of users at the 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 over the past 7 days.
  • Di conversion fit can take up to approximately 24 hours or more. We will then credit the USDT tokens to the user’s spot his wallet and the user will confirm receipt of the tokens from the conversion history page.
  • If the User does not hold 0.00000001 USDT worth of NGN for the Deer Spot Wallet and Funding Wallet, the User will each receive 0.00000001 USDT for the Deer Spot Wallet after conversion.

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