NIGERIA Nigeria – NG Naira Becomes First African Currency on Binance P2P 2 years ago Iwo Bulski Post Views: 474 Crypto exchange platform Binance has officially added the Nigerian Naira on its peer-to-peer platform, becoming the first African currency on the exchange platform. According to the announcement, Binance P2P users can trade major cryptocurrencies such as Bitcoin (BTC) using NGN with zero transaction fees. This new offering began on March 4 and Binance P2P, a consumer-to-consumer business arm of Binance exchange, would roll out support for the first African fiat currency on its platform. Changpeng Zhao (CZ), CEO of Binance, said this addition is in line with the exchange platform’s ongoing fiat-to-crypto expansion. He explains Africa is a “blockchain continent,” and cryptocurrency will favor the people in the continent to complete essential financial operations. He further said Binance also intends to introduce its P2P trading service to more African countries this month. “We are also providing a unique opportunity for users to become P2P Merchants where they can post trade ads and earn money. Estimated to be a few thousand dollars USD equivalents per month, while providing cryptocurrency access for their communities,” – CZ said. Binance ongoing expansion The world’s largest crypto exchange recently increase the number of fiat currencies it supports. More-so with the addition of Nigerian Naira. Other notable mentions include the Euro, Ruble, Turkish lira, Ukrainian Hryvnia, Kazakhstani Tenge, and Indian Rupee, among others. Notably, NGN is not relatively new to the Binance exchange. In October 2019, the crypto exchange initially opened deposits for NGN. This featured three major trading pairs, namely USD/NGN, Binance Coin/NGN, and Bitcoin/NGN. Binance also allows P2P trading on its platform for Chinese users and through WeChat and AliPay, although the latter company monitors the platform for trading, which is illegal under the companies terms and services. Fiat-to-crypto purchases for both the dollar and euro through the Gemini Dollar (GUSD) and Paxos Standard (PAX) are allowed too. Binance Africa incursion Notably, the launch of NGN support for Binance marks the second time the exchange platform enters the African crypto space. Binance previously launched its Binance Uganda exchange allowing Ugandan users to join the platform. And deposit money using the country’s official currency, the Ugandan Shillings (UGX). Additionally, Nigeria is also a crypto-friendly nation, although the country has not officially announced support for digital kind of transactions. It is currently legal to partake in crypto transactions. In a related new Binance CEO earlier tweeted unscheduled temporary system maintenance. This took about two hours to sort out. According to CZ’s tweet, the trading was on hold due to some message broker issue. Source: altcoinbuzz.io About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Binance, bitcoin Continue Reading Previous Current state of online gambling in Nigeria 2020Next Nigerians Can Now Buy Bitcoin From Stores and ATMs More Stories EXPERTS NIGERIA SBWA + 2022 Summit this week in Nigeria 1 week ago Iwo Bulski EXPERTS NIGERIA Money laundering: ECOWAS agency fingers Nigerian casinos 1 week ago Iwo Bulski NIGERIA ONLINE BGaming develops compression algorithm to cut game loading time 2 weeks ago Iwo Bulski BETTING NIGERIA BetConstruct Takes Harmony to Africa 2 weeks ago Iwo Bulski BETTING NIGERIA Chukwuemeka Donatus Discuss How Being A BetKing Agent 3 weeks ago Samuel BETTING NIGERIA Who are the best Nigerian footballers? 4 weeks ago Samuel EXPERTS NIGERIA The West African Gaming Market – A Sure Bet 4 weeks ago Iwo Bulski BETTING NIGERIA BetKing Customers To Win All-Expense Paid Trip To UK 1 month ago Samuel EXPERTS NIGERIA Nigerian lawmakers want to collect NIN customers before betting 1 month ago Samuel BETTING NIGERIA The Future of Sports Betting in Nigeria 2 months ago Samuel EXPERTS NIGERIA Nigeria’s NLRC takes action on fake sports betting permits 2 months ago Samuel BETTING NIGERIA Nigerian legend Nwankwo Kanu becomes ambassador for sports betting company 2 months ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.