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Home Markets Cryptos

Binance adds 12 Nigerian banks to its Peer-to-Peer platform

Ajibola Akamo by Ajibola Akamo
July 26, 2022
in Cryptos
Breaking: 113,850 traders were liquidated as U.S regulator sues Binance
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Binance, the world’s largest cryptocurrency by volume of transactions, just announced that it added 12 Nigerian banks to its Peer-to-Peer (P2P) platform in a bid to reduce the possibility of disruptions during the process of P2P transactions.

Binance added 21 banks across the African continent; however, 12 or 57% of those banks are Nigerian banks which include: Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, Union Bank of Nigeria.

Due to the heavy concentration of Nigerian banks, it would suggest that a chunk of Binance’s P2P volume comes from the country.

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Binance argues that by using a specific local bank or e-wallet in the advertisement as a payment method before picking P2P users to transact with, it will reduce the possibility of disruptions since the counterparties can see in advance which bank is the preferred one for you to pay or receive money. Binance stated, “This will help avoid inter-bank delays and fees.”

What you should know

  • In the announcement, Binance has asked its users in Africa to also suggest other local methods they would like to see on the platform.
  • Of the banks listed, four of the five tier-1 banks (FUGAZ) were added to the platform, with the exception of UBA.
  • Of the 12 banks listed, 9 of them are of Nigerian origin, while the other 3 are originating from other African countries or abroad.
  • Recall that Nigerian banks are still banned from processing crypto-related transactions as instructed by the Central Bank of Nigeria (CBN).
  • Although the Nigerian Securities and Exchange Commission (SEC) has released a regulatory framework surrounding cryptocurrencies, there, however, is still a disconnect between the two agencies as the ban by the CBN on banks is still ongoing.

A major way for Nigerians to participate in the crypto market today is through the P2P market, in which the majority of those participating use Binance as their entry point. This new feature will help reduce the delays that occur in P2P transactions, especially when it comes to intra-bank transactions.

Tags: Access BankBinanceEcobankfcmbFidelity BankFirst Bank of NigeriaGTCO HoldingsKeystone BankP2PPeer-to-Peer platformStanbic BankStandard Chartered BankSterling bankUnion Bank of NigeriaZenith Bank News
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

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Comments 25

  1. Naija Marketplace says:
    July 28, 2022 at 10:15 pm

    Hope CBN wont interrupt the system again??

    Reply
  2. Binance Clone says:
    August 1, 2022 at 2:49 pm

    Great information and would really work on my further work on binance.

    Reply
  3. Monichannel says:
    August 16, 2022 at 6:48 pm

    I still have my reservations, these banks may end up frozen people’s accounts. I hope this works out fine.

    Reply
  4. Metadiac says:
    November 15, 2022 at 11:19 am

    Great article! Keep posting more.

    Reply
  5. Emmanuel says:
    November 17, 2022 at 2:37 pm

    Even at that, our card is still useless

    Reply
  6. Kevin Theobald says:
    December 29, 2022 at 11:40 am

    Thanks for sharing a valuable article.. Keep Posting

    Reply
  7. aaliya enya says:
    January 20, 2023 at 11:13 am

    Thanks For Sharing Unique Quotes!!!

    Reply
  8. INORU says:
    January 24, 2023 at 2:13 pm

    This is great news for the Nigerian cryptocurrency community. The addition of 12 Nigerian banks to Binance’s peer-to-peer platform will make it much easier for people in the country to access and use the platform

    Reply
  9. INORU says:
    January 24, 2023 at 2:35 pm

    Thank for this informative article

    Reply
  10. steve harrington says:
    February 14, 2023 at 10:56 am

    Thanks for the information!!!

    Reply
  11. Dustin says:
    February 14, 2023 at 10:59 am

    good news!!

    Reply
  12. Bitstamp Clone Script says:
    February 20, 2023 at 8:18 am

    By offering more sophisticated features, our white label cryptocurrency exchange software solution can increase the value of your online digital currency platform.

    Reply
  13. P2E GAME DEVELOPMENT says:
    April 1, 2023 at 9:34 am

    Binance is good exchange platfform

    Reply
  14. bennitonwilson says:
    April 10, 2023 at 2:24 pm

    nice work, this is informative

    Reply
  15. Anderson Royce says:
    May 24, 2023 at 11:08 am

    very good to see that they have added nigerian banks

    Reply
  16. anderson says:
    May 24, 2023 at 11:12 am

    many can get into this p2p market with the help of this binance entry point

    Reply
  17. binance clone script says:
    June 2, 2023 at 1:06 pm

    Binance has become one of the top leading exchange platform all over the world.

    Reply
  18. binance clone script says:
    June 2, 2023 at 1:36 pm

    Binance is one of the famous crypto exchange platform to all over the world.

    Reply
  19. Cryptocurrency Exchange Script says:
    June 8, 2023 at 3:14 pm

    Sounds Good, Thanks for sharing such a grateful article here

    Reply
  20. Amelia says:
    July 25, 2023 at 2:02 pm

    Great Article!! Thanks for sharing this valuable information.

    Reply
  21. Amelia says:
    July 25, 2023 at 2:21 pm

    A great point of view is portrayed in this article!!!

    Reply
  22. Niaz Darold says:
    August 17, 2023 at 7:50 am

    This is a very useful article. Thank you for providing such useful information.

    Reply
  23. adam says:
    August 30, 2023 at 7:06 am

    Great information. Thanks for letting us know the details

    Reply
  24. Blockchain Development says:
    February 5, 2024 at 3:04 pm

    Great post! Binance adds 12 Nigerian banks to its Peer-to-Peer platform

    Reply
  25. Jenniferletty says:
    February 9, 2024 at 7:46 am

    Thank you for the valuable article.

    Reply

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