Popular cryptocurrency exchange Binance has formally announced that it is quitting the Nigerian market, with the full discontinuation of all services in the Naira by March 8.

Binance in a statement on its website, said the platform will suspend all Naira transactions after March 8, adding that it will convert Naira balances in users’ accounts to USDT.

Binance also encouraged users to withdraw NGN, trade their NGN assets or convert NGN into crypto before the discontinuation of these NGN services.

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days”.

Binance will also immediately suspend NGN deposits, as such transactions will not be supported after 2:00 pm UTC on March 5.

The move comes after a recent crackdown on Binance by the federal government of Nigeria, with the authorities blaming crypto apps for “manipulating” the foreign exchange market. The government also blocked the websites of Binance and other major crypto platforms, as part of efforts to stabilize the exchange market.