Nigerian Naira Is First African Fiat Currency Supported on Binance P2P

Published at: March 4, 2020

As part of ongoing fiat-to-crypto expansion, major cryptocurrency Binance is adding support for the Nigerian Naira (NGN) on its peer-to-peer (P2P) platform.

Binance P2P, a consumer-to-consumer business arm of Binance exchange, is rolling out support for the first African fiat currency on its platform. According to an announcement shared with Cointelegraph, Binance P2P users can trade major cryptocurrencies such as Bitcoin (BTC) using NGN with zero transaction fees starting from March 4.

Users in Nigeria can now post trade ads via P2P Merchants

The NGN integration also allows users in Nigeria to directly purchase and sell cryptos like Bitcoin, Ether (ETH) and major stablecoin Tether (USDT) with other users and verified merchants using the P2P platform. The zero-fee services are available both via the Binance website and Binance mobile app, the firm announced.

Binance CEO Changpeng Zhao, also known as CZ in the crypto community, outlined that customers can post trade ads for earning money by using the P2P merchants platform. He said:

“We are also providing an 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 equivalent per month, while providing cryptocurrency access for their communities.”

As the Nigerian Naira is the first African currency supported on Binance P2P platform, Binance plans to further introduce its P2P trading service to more African countries this month, the announcement reads. CZ pointed out Africa as a “blockchain continent,” noting that cryptocurrency finally powers people in the region to complete basic financial operations.

The Binance CEO continued:

“We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with great passion for cryptocurrencies [...]  We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.”

Binance first listed Nigerian Naira for deposits in October 2019

Launched by Binance in October 2019, Binance P2P is a peer-to-peer marketplace for buying and selling fiat and cryptocurrencies. The company’s P2P arm aims to increase global crypto adoption by facilitating direct fiat-to-crypto trades between users and merchants. Initially supported only though Binance mobile app, Binance P2P service was rolled out for web support on Feb. 28.

Binance P2P has added a number of fiat currencies so far, with Vietnamese Dong being one of the latest fiat currencies supported on the platform. In January, Binance also introduced its P2P Merchant Program as a user-oriented fiat currency trading platform.

The addition of Nigerian Naira is not completely new to Binance exchange though. In October 2019, Binance initially opened deposits for NGN, featuring three major trading pairs including USD/NGN, Binance Coin/NGN and Bitcoin/NGN. Binance’s aggressive fiat onramp strategy comes in line with CZ’s promise to list more than 180 fiat currencies on Binance. As reported by Coitnelegraph, Binance CEO said in early January 2020:

“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies.”

Earlier today, Binance experienced another unscheduled maintenance session. CZ subsequently tweeted that the issue was fixed and the platform would be back online in a “few minutes.”

Tags
Technology
Cryptocurrency Exchange
Cryptocurrencies
Binance
Fees
Payments
Fiat Money
Africa
Changpeng Zhao
Nigeria
P2P
Merchants
P2P Services
Related Posts
Binance crypto exchange launches payments app in alpha
Binance has released its payments app, Binance Pay, in public alpha. The app is a contactless peer-to-peer cryptocurrency payment feature that lets users send and receive payments in cryptos like Bitcoin (BTC). Binance initially rolled out Binance Pay in a soft launch in February 2020 for P2P payments, enabling 250,000 users to interact with the product. Today, Binance Pay is launching in alpha with new features like merchant-based transactions and is available to all users. A spokesperson for Binance told Cointelegraph that the new service is not limited to certain jurisdictions and is “currently available to all eligible users on …
Bitcoin / March 12, 2021
Binance CEO CZ Showcases First Use of Binance Card
Binance’s CEO has just demonstrated the first use of Binance Card, a cryptocurrency debit card that was first announced by Binance in April 2020. In a July 10 tweet, Binance CEO Changpeng Zhao revealed that he is taking part in Binance Card beta testing, featuring transactions involving Binance’s native token, BNB. In the tweet, CZ noted that the beta test features “all real transactions” including Amazon’s audio store Audible, Uber alternative Grab, and a major e-commerce platform, Lazada. CZ also said that the BNB payments were completed directly from his Binance account, while merchants accepted the payment in fiat. “Binance …
Technology / July 10, 2020
Bitcoin May Be the Solution to Africa’s Broken Financial System
A recent report suggests that the lack of traditional financial infrastructure makes Africa a place where cryptocurrency adoption is likely. The report — shared with Cointelegraph by a Luno representative on May 27 — sheds light on Africa’s financial infrastructure and the role that cryptocurrencies play in it. The author of the research, which was jointly conducted by market analysis firm Arcane Research and crypto exchange, Luno, wrote that the financial landscape seen on the continent plays a role in forming appetite for crypto in Africa: “Although it is a diverse region, African nations share some key similarities and trends. …
Bitcoin / May 27, 2020
Binance survey finds that ‘hodlers’ still dominate crypto
The majority of cryptocurrency users reportedly prefer to hold their crypto as part of a long-term investment strategy, according to a new survey by Binance Research. Released on Thursday, the survey report shows that as much as 55% of respondents own cryptocurrencies like Bitcoin (BTC) as a long-term investment. The “2021 Global Crypto User Index” report is based on a global survey that includes input from more than 61,000 crypto users across 178 countries and regions. The survey was conducted over a period from Sept. 15 to Oct. 25, 2020. According to Binance Research’s findings, the majority of respondents were …
Adoption / Jan. 28, 2021
Binance P2P Crypto Trading Platform Supports Vietnam’s Fiat Currency
Major cryptocurrency exchange Binance has launched peer-to-peer (P2P) trading for the Vietnamese dong (VND). Vietnam-based Binance users can now directly purchase and sell major cryptocurrencies using VND through the latest versions of the Binance P2P mobile app on iOS and Android. The four supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), major stablecoin Tether (USDT) as well as Binance’s native cryptocurrency Binance Coin (BNB), the firm said in a press release shared with Cointelegraph on Jan. 20. Vietnamese dong is the second fiat currency on Binance’s P2P While Binance has been actively rolling out multiple global fiat onramps for currencies like …
Bitcoin / Jan. 20, 2020