On November 7, 2022, Binance, the largest cryptocurrency exchange company in the world, announced that it now supports naira deposits and withdrawals.
In order to achieve this, Nigerian traders can now fund and empty their Binance Wallets with local currency.
The decision to add a fiat gateway for the naira is in furtherance of the company’s mission to increase the country’s adoption rate of cryptocurrencies, according to a brief statement from the company obtained by Nairametrics.
The recently introduced fiat gateway will lessen the difficulties that traders and investors in Nigeria frequently experience when transacting in cryptocurrencies.
* “Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto. Users are now able to deposit and withdraw NGN to and from their Binance wallets,” the company said
* To avoid fraud, Binance has encouraged all current and prospective customers to comply with the Know Your Customer (KYC) requirement so they can start using the fiat gateway.
Long in coming: Remember that in February 2021, Binance temporarily stopped accepting deposits and withdrawals in Nigerian Naira after the Central Bank of Nigeria (CBN) forbade commercial banks from handling payments for cryptocurrency platforms operating in the nation. This occurred as a result of its payment partners following the CBN’s instruction.
However, the cryptocurrency exchange platform pledged to come up with arrangements that would allow Nigerian users to keep using the service. It announced the fiat gateway for the naira more than a year later.
Prioritising Nigerian traders: Note that Nigeria is an important market for Binance. Nairametrics previously reported that Nigeria is Africa’s biggest crypto market, despite the CBN ban. The country also has one of the highest rates of crypto adoption in the world.
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