Binance takes advantage of loophole in CBN ban, offers Nigerians new option

Binance has made a way round the ban on cryptocurrency by the Central Bank of Nigeria (CBN). The world’s largest cryptocurrency exchange platform said it has created a feature that will allow Nigerians dealing in cryptocurrency exchange Bitcoin and crypto assets for naira.

The CBN had directed deposit money banks and other financial institutions to close accounts used for cryptocurrency by Nigerian cryptocurrency exchanges. While the ban stops partnership between Nigerian banks and crypto exchanges, it doesn’t stop peer-to-peer deals.

Users don’t need to buy cryptocurrency directly from a crypto exchange platform, as they can purchase cryptocurrency from other users by transferring funds in exchange of bitcoin or other cryptocurrencies.

Binance has now included naira to its peer-to-peer segment. According to a statement released by the cryptocurrency exchange today, its Nigerian users can now buy and sell naira on Binance trading platform with zero transfer fees, using bank transfer.

Read also: Binance founder gives Nigerians two options after CBN ban on bitcoin, other cryptocurrencies

“Binance has added an NGN FIAT/NGN pair to its Peer to Peer (P2P) trading platform in Nigeria. Users can now BUY and SELL their NGN FIAT balance on Binance with zero transaction fees for Nigerian Naira (NGN) using Bank Transfer and other payment methods.”

This will enable Nigerian cryptocurrency dealers buy Bitcoin, Ethereum and other crypto assets, “Binance P2P has also added Express Mode for buying and selling BTC, USDT, BUSD, BNB, ETH and DAI with Nigerian Naira (NGN) on the Binance mobile app and Web.

“With Binance P2P Express Mode, users can directly place an order by entering the fiat or crypto amount and the preferred payment method. The orders are matched based on the best crypto price available in the P2P markets.”

Binance warned that the option is only available for users residing in Nigeria, “To use Binance P2P Express Mode, users must pass identity verification (KYC) with residence information in Nigeria.”

By Fakoyejo Olalekan…

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