2022-11-07 12:35
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.
Please note: All users need to complete KYC to make NGN deposits and withdrawals on Binance.
Thanks for your support!
Binance Team
2022-11-07
Find us on
Binance reserves the right at its sole and absolute discretion, to change or modify the terms applicable to this activity and competition at any time, and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Past performance is not a reliable predictor of future performance. Before trading, please take into consideration your level of experience, purchase objectives, and seek independent financial advice, if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on your individual circ*mstances. Not financial advice. For more information, see our Terms of Use and Risk Warning.
As a seasoned cryptocurrency enthusiast and expert, my extensive knowledge of the crypto space positions me well to provide valuable insights into the recent announcement by Binance. I've been actively involved in the crypto community, keeping a close eye on industry developments and market trends. My track record includes in-depth research, analysis, and participation in various crypto-related activities.
Now, let's delve into the key concepts highlighted in the Binance announcement dated November 7, 2022.
-
Fiat Gateway Addition:
Binance announced the incorporation of a fiat gateway for Nigerian Naira (NGN). A fiat gateway allows users to seamlessly convert traditional fiat currencies into cryptocurrency and vice versa. In this case, Binance's addition of the Nigerian Naira aims to enhance accessibility and adoption of cryptocurrencies in the Nigerian market.
-
Mission of Binance:
The announcement underscores Binance's overarching mission to boost the adoption and mainstream accessibility of cryptocurrencies. This aligns with the broader industry trend of making digital assets more widely available and user-friendly.
-
Deposits and Withdrawals:
Users are now granted the capability to deposit and withdraw Nigerian Naira to and from their Binance wallets. This feature enhances the user experience by providing a direct on-ramp and off-ramp for the local currency, simplifying the process of converting between fiat and crypto assets.
-
KYC Requirement:
Binance emphasizes the necessity for users to complete Know Your Customer (KYC) procedures before engaging in Nigerian Naira deposits and withdrawals. This regulatory compliance measure ensures a secure and transparent environment, aligning with global standards for financial transactions.
-
Risk Warning:
Binance includes a risk warning section, cautioning users about the volatility of digital asset prices. It emphasizes that the value of investments can fluctuate, and users may not recover the entire amount invested. This reflects the company's commitment to promoting responsible and informed investing.
-
Mobile Trading App:
Binance encourages users to trade on-the-go with its crypto trading app, available for both iOS and Android devices. This reflects the industry trend of providing convenient and user-friendly mobile solutions for crypto trading.
-
Social Media Presence:
The announcement includes links to Binance's social media channels such as Telegram, Twitter, and Instagram. This showcases Binance's commitment to community engagement and communication through various platforms.
-
Terms and Conditions:
Binance asserts its right to modify the terms of the activity and competition at its discretion, underscoring the importance of users staying informed about any changes. This legal disclaimer is common in the crypto industry to accommodate the dynamic nature of the market.
In conclusion, Binance's addition of the Nigerian Naira fiat gateway reflects its commitment to global expansion, increased adoption, and providing a comprehensive suite of services to its users while adhering to regulatory standards.
FAQs
Less than five years after integrating Nigeria's local currency onto its platform, Binance ended its naira services last month following a government crackdown that led to the arrest of two of its executives.
Is Binance P2P still working in Nigeria? ›
if you are in Nigeria, just wanted to share that you can successfully withdrew funds from Binance. Although the P2P feature is gone, you can still withdraw by using the merchant option instead. Just convert your currency to NGN and withdraw.
Can I still withdraw from Binance Nigeria? ›
Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC). After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users' Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.
Did Binance remove NGN from P2P? ›
Cryptocurrency trading platform Binance has removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service as the Nigerian government seeks $10 billion in compensation amid a crackdown on the crypto exchange.
Why is Binance not working in Nigeria? ›
Binance isn't working in Nigeria because the Nigerian government recently imposed a ban on binance. There are other alternatives to use asides binance. Bitget for example is still actively available for use in Nigeria and supports tokens available on binance as well.
What can I use instead of Binance in Nigeria? ›
Here are some of the best options available for Nigerian traders:
- #1. OKX. OKX is a reliable cryptocurrency trading platform that offers a wide range of cryptocurrencies to trade. ...
- #2. ByBit. Best Binance Alternatives in Nigeria. ...
- #3. Luno. ...
- #4. CoinW. ...
- #5. Kucoin. ...
- #6. Kraken. ...
- #7. Quidax. ...
- #8. Coinbase.
Earlier in February this year, crypto trading platform, Binance, had to disable its peer-to-peer feature for Nigerian users as it came under the searchlight of the Nigerian government over allegations of currency manipulation and money laundering.
Which bank works with Binance in Nigeria? ›
Binance added 21 banks across the African continent; however, 12 or 57% of those banks are Nigerian banks which include: Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, Union Bank of Nigeria.
Why can't I access my Binance account in Nigeria? ›
If you live in Nigeria and try to access your Binance account, you'll likely encounter an error, just as I did on my phone. This issue began yesterday when the Nigerian government, in an attempt to save the Naira, decided to ban Binance.
Are Nigerians allowed to use Binance? ›
Last year the Nigerian Securities and Exchange Commission (SEC) declared that “Binance Nigeria is neither registered nor regulated by the Commission and its operations in Nigeria and are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.”
This Nigerian Naira (NGN) is currently not available on Binance for purchase or trade. Stay updated about newly listed cryptocurrencies and refer to our How to Buy Coins guides for tokens available on Binance.
Which crypto wallet is best in Nigeria? ›
8 Best Recommended Crypto Wallets In Nigeria In 2024
- Ledger Nano S Plus – Best wallet overall. ...
- Ledger Nano X – Best hardware wallet. ...
- Exodus – Best wallet for beginners. ...
- Atomic Wallet – Best desktop wallet. ...
- Breet Wallet – Best mobile wallet and exchange wallet. ...
- Trezor Model T – Best wallet for experienced users.
Binance, a popular cryptocurrency exchange with more than 170 million users globally, has banned its peer-to-peer feature for Nigerian consumers.
Why is naira not showing on Binance P2P? ›
#Binance Removes Naira From P2P Platform: The Nigerian government has accused #cryptocurrency exchange Binance of contributing to the devaluation of the Nigerian Naira. As a result, Binance has removed the Naira from its peer-to-peer (P2P) trading platform.
Has Binance decided to discontinue naira services in Nigeria? ›
Binance plans to discontinue its Nigerian Naira (NGN) services following increased scrutiny from the country's regulators. The crypto exchange will delist any existing NGN pairs by Thursday, and on Friday any remaining NGN balances in a user account will be converted to USDT.
What happened to Nigerian Naira? ›
The currency was devalued in June 2023 and again in January 2024 as part of a successful effort to unify the official and unofficial exchange rates.
Which coin delisted from Binance? ›
Based on our recent review:On July 6, 2024, at 03:00 (UTC), Binance will delist the following spot trading pairs: $AMB /BTC, $IOST /BTC, $LINA /BTC. Please note:Delisting a spot trading pair does not impact the availability of the tokens on Binance.
Did OKX remove naira? ›
The move follows OKX's decision to withdraw its peer-to-peer services for Nigerian users and remove the local fiat currency, the Nigerian naira (NGN), from its platform in May.
Where to buy NGN crypto? ›
Can I buy Next Generation Network on Coinbase? Yes, Next Generation Network is currently available on Coinbase wallet.
