On November 7, 2022, Binance, the largest cryptocurrency exchange company in the world, revealed 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 money.
The move to establish a fiat gateway for the naira is in furtherance of the firm’s objective to enhance the country’s adoption rate of cryptocurrencies, according to a brief statement from the company obtained by Nairametrics.
The recently launched fiat gateway would lessen the difficulties that traders and investors in Nigeria frequently experience when transacting with cryptocurrencies.
“Binance is happy to announce that, as part of its objective to broaden the use and usability of cryptocurrencies, it has added a fiat gateway for the Nigerian Naira (NGN). Users can now add money to their Binance wallets and withdraw it, the business announced.
Important information: Before using the fiat gateway, all current and prospective clients of Binance are urged to complete the Know Your Customer (KYC) process in order to prevent fraud.
long overdue: Remember that in February 2021, Binance briefly ceased taking 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 trading site 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.
Nigerian traders would be given priority: Nigeria is a significant market for Binance. Nigeria, despite the CBN prohibition, is Africa’s largest crypto market, according to a previous Nairametrics research. The adoption of cryptocurrencies in the nation is also among the greatest in the globe.