The cryptocurrency exchange, Binance, says it has added NGN/FIAT to its Peer to Peer (P2P) trading in Nigeria.
ChangPeng Zhao, the CEO of Binance, had promised the company would launch a P2P market in the wake of the ban.
The trading ban imposed by the Nigerian Central Bank has created a lot of outrage and fear among crypto traders in Nigeria.
However, Binance promised its support in the troubled times to help local crypto-traders to continue trading on P2P markets without fearing for their funds.
The exchange stated that users in Nigeria can now buy and sell their NGN FIAT balance on Binance without transaction fees for using bank transfers and other payment methods.
“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,” the platform stated.
It explained that “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.”
The exchange platform noted that to use Binance P2P Express Mode, users must pass identity verification (KYC) with residence information in Nigeria.
The development was coming days after Nigeria’s apex bank, the Central Bank of Nigeria (CBN) directed financial institutions in the country to immediately close all accounts dealing with cryptocurrency exchanges.
Nigerians accused the government of targeting #ENDSARS promoters through the banning policy due to how the cryptocurrency helped in getting funds to organise the nationwide protests.
In the statement co-signed by Bello Hassan, Director of Banking Supervision, and Musa I. Jimoh, Director of Payments System Management Department, CBN informed Nigerians that dealing with cryptocurrency in the country was illegal.
The bank noted that based on a circular of Jan. 12, 2017, with reference FPR/DIR/GEN/CIR/06/010, all financial institutions were warned against the risk associated with cryptocurrency transactions.