In a significant development, cryptocurrency exchange Binance has announced the suspension of all services related to the Nigerian naira (NGN).

The decision comes in the wake of Nigeria’s intensified scrutiny of global crypto exchanges.

Effective from 8:00 UTC on March 8, Binance will cease all NGN-related services, with remaining NGN balances in users’ accounts automatically converted to USDT stablecoin.

Furthermore, NGN deposits will be halted as of March 5, as users are advised to withdraw their funds promptly.

Binance will discontinue support for NGN across various platforms, including spot trading, P2P, Auto Invest, and Binance Pay.

“All remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” stated Binance in a press release on Tuesday.

Recent reports also indicated the arrest of two Binance officials in Nigeria over allegations of “illegal transactions.”

Additionally, the federal government is seeking retribution of at least $10 billion from Binance amid efforts to stabilize the value of the naira.

Founded in 2017, Binance is a prominent cryptocurrency exchange renowned for its focus on altcoin trading. Offering trading in over 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its native coin, BNB.

In its latest update, Binance specified a conversion rate of 1 USDT per 1,515.13 naira for automatic conversions, as communicated on its website.