World’s Largest Cryptocurrency Exchange, Binance Adds 12 Banks in Nigeria for Its Peer-to-Peer Platform

World’s Largest Cryptocurrency Exchange, Binance Adds 12 Banks in Nigeria for Its Peer-to-Peer Platform

  • The crypto exchange platform, Binance has raised the hopes of Nigerian traders by adding 12 banks on it platform
  • According the platform, the addition of the banks will ease transaction bottlenecks and enable a seamless P2P transactions
  • The Central Bank of Nigeria has restricted banks in Nigeria from conducting crypto-related transactions despite SEC issuing a crypto framework

The world’s largest cryptocurrency exchange platform, Binance has announced that it has added 12 Nigerian banks to the list of its peer-to-peer (P2P) platforms to reduce disruptions during the transactions.

As a result of the heavy concentration of banks in Nigeria which enables peer-to-peer transactions, Binance sees the country as central in its operations.

Binance, Nigerian banks, P2P
Binance adds 12 Nigerian banks to its P2P platform Credit: Oliver Helbig
Source: Getty Images

Nigerian banks dominate list

According to Binance, by using specific banks or wallets in an advert as payment methods, the platform is allowing P2P users to transact by picking users thereby reducing disruptions as the parties see in advance which bank is the preferred option for users to receive money from, a Nairametrics report says.

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The exchange states that by adding the banks, there will be reductions in bank delays and fees.

In the announcement, the crypto platform asked users in Africa to also make suggestions of other local methods which they would like to see on the platform.

Nine of the 12 listed banks are of Nigerian origin while the rest are from Africa or other countries around the world.

Nigerian banks are still restricted by the Central Bank of Nigeria (CBN) from conducting crypto-related transactions.

SEC and CBN on opposite ends concerning crypto

The Nigerian Securities and Exchange Commission (SEC) released a regulatory framework concerning cryptocurrencies.

Analysts believe there is still a disconnect between SEC and CBN regarding the ban on crypto assets in Nigeria.

Nigerians only rely on P2P to trade on cryptocurrencies, and the majority of users use Binance as an entry point.

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The latest feature will reduce delays in P2P transactions, especially in intra-bank transactions.

The listed banks are:

  • 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

Over 158,000 crypto investors have all their funds wiped out as Bitcoin buckles reported that about 158,832 traders have their investment liquidated, which totaled about $387.96 million. It is the biggest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93.

The premier crypto, bitcoin and Ethereum have their prices have broken their key $4ok and 3k support levels individually as investors' sentiments are at a bearish level.

The important driver of the round of liquidations, promoters say, was a very sharp selloff in the week before which was driven by a strong dollar that has gotten to the new highs in two decades.


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