NIGERIA Nigeria – NG Naira Becomes First African Currency on Binance P2P 4 years ago Iwo Bulski Post Views: 629 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 NIGERIA ONLINE Residents of Nigeria, Turkey, and UAE Most Likely to Own Crypto 2 hours ago Samuel BETTING NIGERIA Influencers are getting young Nigerians hooked on online gambling 6 hours ago Samuel EXPERTS NIGERIA From savannah to silicon: Africa’s tech emergence unfolds 3 days ago Samuel EXPERTS NIGERIA CBN to Freeze Bank Accounts without BVN, NIN from March 2024 3 days ago Szarlot NIGERIA ONLINE Nigeria’s Economic Landscape and Forex Trading 1 week ago Szarlot BETTING NIGERIA Nigerian Bookmakers Strengthen Partnership with Gamble Alert 1 week ago Samuel BETTING NIGERIA The Dark Side of Virtual Betting 1 week ago Szarlot NIGERIA ONLINE Nigeria’s Battle With Online Betting 1 week ago Samuel BETTING NIGERIA How to Watch the African Cup of Nations? 1 week ago Samuel BETTING NIGERIA The innovative Melbetapk.com betting app 1 week ago Szarlot EXPERTS NIGERIA Naira maintains stability in crypto market as Nigerians digest Binance $4.3 billion settlement 2 weeks ago Samuel EXPERTS NIGERIA Uncategorized Lagos Gambling Regulator LSLGA Issues Ban On Unlicensed Gambling Sites 2 weeks ago Samuel 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.