Major cryptocurrency exchange Binance has launched a P2P market for Nigerian crypto traders. In the wake of the Central Bank of Nigeria (CBN) banning commercial financial institutions from providing services to crypto exchanges and digital asset companies.
The crypto platform, which was already offering direct fiat deposits and trading pairs, had to halt the service in the wake of the banking ban. However, Binance CEO ChangPeng Zhao promised the exchange would launch a P2P market soon.
The banking ban imposed by the Nigerian Central Bank created a lot of outrage and fear among crypto traders in the country. Binance’s support could help ease some of those concerns.
As part of the ban, the CBN has ordered all commercial banks in the country to close accounts belonging to crypto exchanges. As well as other businesses transacting in digital currencies. A failure to comply with this directive will result in severe sanctions.
Natives of the country have not taken the latest developments lightly. A Rights Group Lawyer has filed a case against the country’s SEC and central bank claiming the banking ban is illegal.
Prior to the ban, Nigeria began to show great signs of crypto adoption. The government’s recent decision to limit U.S. Dollar holding by citizens sparked a surge in Bitcoin trading volume as it reached record highs in the country.
While the current rule does not prohibit crypto trading in the country. It blocks ways for traders to liquidate their funds.
P2P Market Has Seen Significant Growth
The P2P market has registered significant growth in countries where governments have clamped down on crypto use. In a P2P market, a trader does not have to depend on a bank to liquidate their funds. As they can directly exchange their digital against any currency.
Zhao asked Nigerian crypto traders to withdraw their funds. Also advising others to convert their Fiat holding to Binance Coin if they wish to continue trading.
The demand for BNB in the Nigerian markets and the rising popularity of Binance Smart Chain has sent BNB price to a new all-time high of $148.
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
European Central Bank board member believes Bitcoin creator Satoshi Nakamoto did not understand money, warns of dangers from cryptocurrencies
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.