Binance Announces Withdrawals and Deposits in Naira Now Accepted

Binance Announces Withdrawals and Deposits in Naira Now Accepted

  • Binance has announced that withdrawals and deposits in naira are now allowed on its platform
  • The largest crypto exchange platform in the World announced the new fiat gateway in a recent statement
  • The development comes one year after CBN’s policy forced Nigerian banks to stop trading in crypto, causing Binance to remove the naira gateway

The World’s largest crypto exchange platform, Binance, announced on Monday, November 7, 2023, that withdrawals and deposits are now permitted in naira.

Crypto traders from Nigeria can now deposit and withdraw their cryptos in the local currency from their Binance Wallets.

Binance, Naira, Wallets
Binance now accepts deposits and withdrawals in Naira Credit: Boomberg/Contributor
Source: Getty Images

Nigeria, the highest crypto market in Africa

A statement by Binance said that the decision to add the naira feature is to expand its mission to increase the crypto adoption rate in Nigeria.

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The addition of the gateway will reduce the hassles faced by investors from Nigeria as they trade on the platform.

According to reports, Binance encouraged all current and future customers to comply with its KYC requirements so they can start using the newly introduced gateway.

Feature previously paused due to CBN policy

Binance temporarily paused withdrawal and deposits into its wallets in the wake of the Central Bank of Nigeria (CBN) clampdown on deposit money banks trading in crypto.

The platform had promised to work out the means of making it possible and easier for Nigerians to continue using the service.

Nigeria remains a crucial market for Binance, Africa’s biggest crypto market

The World's biggest cryptocurrency exchange, Binance, appoints Ibukun Awosika to Global Advisory Board

Recall that reported that the world’s biggest cryptocurrency, Binance, has appointed former First Bank Director Ibukun Awosika to its board advisory board to help it manage some of the most urgent regulatory problems in the industry.

A statement by Binance said the exchange had been prodding countries to take the initiative and adopt an economic future in which crypto and blockchain will play an important role.

The platform said that licenses and regulations will elicit discussion and negotiation and that more nations want to establish a promising future.


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