Reportedly Binance crypto exchange planning to wind down crypto business from Nigeria. Many local crypto stakeholders claimed that new crypto exchanges will enter the market if it happens.
Binance is a top-ranked crypto exchange, mainly known for highly secured & crypto trader-friendly services. The services of this exchange are available in multiple countries, where crypto trading is legal under the existing laws of the corresponding jurisdictions. Just a week ago, Nigeria imposed URL access restrictions on multiple crypto exchanges, including Binance & Coinbase.
Following the regulatory pressure from Nigerian enforcement agencies, Binance also terminated Naira, the Nigerian sovereign fiat currency, related to all crypto services. In short, Nigerian Crypto traders can use Binance to trade crypto assets only.
Binance has stop operating in Nigeria
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Binance is still operating seamlessly in Nigeria
and your funds (crypto assets are
safe) you can as well use all the features (deposit crypto, withdraw crypto, trade spots, trade futures) EXCEPT P2P & NGN/USDT trading. pic.twitter.com/GMNtzFYW02
— T.M.C (@tempofundz) March 6, 2024
Following these hurdles with Binance exchange, many local crypto stakeholders shared their opinions on this situation and said that new crypto exchanges will enter the Nigerian crypto market to fill the gap because Binance may depart from the country.
As per reports, Binance’s departure from Nigeria will also lead to an increase in the unemployment rate in the country. There are huge chances that youths of the country may come up with new crypto startup ideas, as there will be very low competition in the market.
Nathaniel Luz, the CEO of liquidity provider Flincap, said that many Nigerians were using Binance P2P trading services and that was a better revenue source for them but now they’re shifted to WhatsApp & Telegram for P2P trading, which is not a smooth thing for newcomers as it is not easy to fight against any scammer in absence of middleman.
More importantly, the Flincap executive dragged attention toward Binance’s departure as a part of new fear. According to him, it may lead to huge fear among Nigerian crypto traders and there are huge chances that it will degrade the confidence of crypto investors as well as new crypto entrepreneurs in this sector.
Binance (BNB) price action
BNB is the native token of the Binance crypto exchange, the backend development work is managed by an independent team.
The current trade price of BNB is $529 & this trade price has been 63% higher over the last 30 days.
Read also: Coinbase warns crypto investors against AI crypto tokens
Binance may exit from the Nigerian crypto market, fear & opportunity for new startups
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