The world’s largest cryptocurrency exchange, Binance, has said that it has now started allowing Naira deposits and Withdrawals.
Binance said it decided to accept Naira deposits and withdrawals to ease the stress being faced by both investors and traders.
Recall that in February 2021, Binance stopped accepting naira withdrawals and deposits after the Central Bank of Nigeria, CBN, prohibited banks from processing cryptocurrency transactions in Nigeria.
Also, earlier in 2022, the CBN also accused crypto traders on Binance of spiking the fall of the naira against the dollar.
However, with this development, it is unclear if the CBN has lifted the ban on cryptocurrency trading in Nigeria.
Keep in mind also that Nigerians are among the highest cryptocurrency traders in the world.
So, for Binance to begin accepting naira deposits and withdrawals is not a surprise.
Meanwhile, in a statement, Binance said for investors and traders to be able to deposit and withdrawal Naira on the exchange, they need to do proper due diligence of know Your customer, KYC.
The statement reads thus:
“Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.
“Users are now able to deposit and withdraw NGN to and from their Binance wallets.”
Binance introduced the peer-to-peer trading concept to ensure Nigerian customers can still deposit and withdraw despite the absence of deposit money banks.
Before now, Nigerian crypto investors on Binance and other exchanges would first have to use the Naira to buy light coins at the existing dollar rates.
After that, they convert the coins into Bitcoin or other crypto coins. More like a cross-country process.
However, with Binance now accepting deposits and withdrawals in naira, the hassle of multiple processes is removed.
What this means is that Nigerians can now deposit and withdraw their Bitcoins, Ethereum and other cryptocurrencies from their crypto wallets on Binance in Nigerian currency – Naira.
How to make deposits or withdrawals in Naira on Binance:
Making naira deposits or withdrawals on withdrawals on Binance require some steps.
You don’t want to make any mistake about this because if you do, you could lose your funds.
So, here are the steps:
- Log In to Your Account:
- Choose “Withdraw.”
- Click on the Crypto Tab
- Select the Right Network
- Choose the Desired Currency
- Chose “Receive”
- Copy and Paste the Current Address
- Choose “Send Code”
- Enter the 2FA Code
First, you will need to log into your Binance account.
After logging in, you will click on “Wallet” and tap on Fiat and Spot.
Click on either Deposit or Withdrawals.
On the crypto page, click on crypto Tag and tap on the desired coin you want.
Then, select which currency you want to deposit or withdraw as.
In the Trust Wallet, tap on the desired currency for deposit or withdrawal.
After this, a prompt will show up. Tap on the Send or Receive option when prompted.
You will then need to copy the currency address when prompted.
When you do, go to the deposit or withdrawal page of Binance and paste the address you just selected.
Then click on Submit if everything looks good.
To complete the process, click on Send Code, and enter a six-digit code that was sent to your email.