Yes, Binance is still working in Nigeria but Binance P2P is not longer available to Nigerians. On 5 March, Binance ended naira services that it started in 2020 amid allegations of exchange rate manipulation that led to the arrest of two of its executives.
“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC). After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users' Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN,” the largest crypto exchange stated on it platform.
How to Use Binance in Nigeria
While Binance did not state specifically that it is closing its operations in Nigeria, the company said it would discontinue all NGN-related services. However, the company says Nigerian customers can use other services on it platforms that not related to NGN services.
Can I Still Use Binance in Nigeria?
Binance is no longer supporting Nigerian Naira (NGN) transactions as of March 2024. The platform has ceased NGN deposits, withdrawals, and trading pairs due to regulatory conflicts with the Nigerian government.
Remaining NGN balances were automatically converted to USDT (Tether) earlier this year. However, Binance continues to operate in Nigeria, focusing on its global cryptocurrency services, including peer-to-peer (P2P) trading in other currencies and assets.
There have also been attempts to restrict access to Binance’s website in Nigeria, but users can still access its non-NGN services via VPNs or other means, maintaining its presence in the country’s crypto space.
How to deposit on Binance in Nigeria
You can no longer deposit naira (NGN) to Binance in Nigeria. But you can deposit other currencies like USD, EUR and GBP. You can also send crypto assets from other platforms to Binance wallets. Assets like BTC, USDT, ETH and more can be deposited on Binance.
Furthermore, Binance’s P2P allows you to buy cryptocurrency directly from other users using various payment methods, including bank transfers. Follow these steps to buy coin using other currencies:
- Login to your Binance account in Nigeria.
- Navigate to P2P space and choose the crypto asset you want to buy.
- Find seller willing to sell and initial the trade.
- Check the seller rate and ask for account details.
- Transfer funds in supported currency and show the proof of payment.
- The seller will confirm the payment, and the crypto assets will be released to your designated Binance wallet.
Alternatively, Binance supports third-party services like Advcash and Flutterwave for deposits to some users in Nigeria. You can check the Deposit section on your account to see if this option is available to you.
