Today, cryptocurrency exchange Binance announced that it has added a 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.
According to a statement on the official website, 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 also added that to use its P2P express mode, users must pass identity verification (KYC) with residence information in Nigeria.
The cryptocurrency exchange platform adding a Disclaimer stated that “ The use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle your payment transaction. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment unless your loss is due to the merchant’s fraud or misleading”.
Ban on cryptocurrency in Nigeria
Last week Friday, The Central Bank of Nigeria, CBN officially buying and selling of cryptocurrencies and other related transactions.
Many experts believe the ban will be reversed while others want CBN to look into the regulation of cryptocurrency in Nigeria. But whether or not this directive can be enforced effectively for so long is debatable. Few platforms like Binance have come up with P2P transaction which will be difficult to trace by the central bank.
Binance express mode for P2P trading in Nigeria will enable easy access to buying and selling of cryptocurrency. Many online users have praised Binance team for the newly added feature which is one of the solution to the ban on cryptocurrency trading.
In other news, Binance through its charity platform, Binance Charity donated 30,000 KN95 masks to hospitals in Lagos and Oyo state, Nigeria through its crypto against COVID campaign.
🇳🇬Donation to Nigeria is complete and delivered!— Binance Charity (@BinanceBCF) February 10, 2021
To improve health status, over 30,000 KN95 masks were distributed amongst Oyo State and Lagos hospitals.
We are keeping Nigerians in our hearts and expressing it through this donation. Be safe! @Binance @BinanceBCF @BinanceAfrica pic.twitter.com/K4wPeo3FcH
Binance job offer: Apply to become a Binance Africa campus ambassador