Binance, the world’s biggest cryptocurrency exchange firm, announced that it now allows naira deposits and withdrawals.
The firm made this announcement via its BinanceAfrica Twitter handle on Monday, November 7.
It tweeted, “Cashlink is now live on @BinanceAfrica to enable deposits and withdrawals of Fiat (NGN). #Biglinkup #NGNisBackonBinance”
To this end, Nigerian traders can now deposit and withdraw the local currency from their Binance Wallets.
In addition to the fiat gateway, there is also the all new USDT/NGNA trading pair on the platform, a reminder tweet on the same verified Twitter handle, shared: “Reminder: USDT/NGN trading pair is available on #Binance ⤵️”
This is Binance’s way of acknowledging Nigeria as a big market for its business.
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.
The newly-introduced fiat gateway is to help reduce the challenges often encountered by Nigerian Traders, merchants and investors while trading crypto on the platform.
“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 urged all current and prospective customers to comply with the Know Your Customer requirement so they can start using the fiat gateway.
In 2021, the Central Bank of Nigeria prohibited commercial banks from facilitating payments for cryptocurrency platforms operating in the country.
Binance temporarily stopped accepting deposits and withdrawals in Nigerian Naira in February afterwards in compliance with the directive of the CBN.
But the crypto exchange platform promised to work out modalities that would make it possible for Nigerian customers to continue to use the service. More than a year later, it announced the fiat gateway for the naira.