Binance, a prominent global cryptocurrency exchange, is retreating from the Nigerian market and discontinuing all services in the Nigerian naira (NGN), Algoine Crypto News reports.

The platform has announced the automatic conversion of residual NGN balances to Tether (USDT) stablecoin after March 8 and has urged users to withdraw, trade their NGN assets or convert into crypto prior to this date.

Furthermore, NGN deposits and trading pairs will be suspended, and the currency will be removed as an accepted payment option on Binance's services.

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