Binance Adds 12 Nigerian Banks To Its Peer-to-Peer Platform

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Binance Adds 12 Nigerian Banks To Its Peer-to-Peer Platform

In an effort to minimize the chance of disruptions during the process of P2P transactions, Binance, the world’s largest cryptocurrency by volume of transactions, recently announced that it had added 12 Nigerian banks to its Peer-to-Peer (P2P) platform.

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However, 12 or 57% of those banks—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—are Nigerian banks.

It would appear that some of Binance’s P2P volume originates from Nigeria given the country’s high concentration of banks.

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Binance Adds 12 Nigerian Banks To Its Peer-to-Peer Platform

The possibility of disruptions will be reduced, according to Binance, if a specific local bank or e-wallet is used in the advertisement as a payment method before choosing P2P users to transact with. This is because the counterparties will be able to see ahead of time which bank is the preferred one for you to send or receive money. This will help prevent inter-bank costs and delays, according to Binance.

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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).
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A regulatory framework for cryptocurrencies has been established by the Nigerian Securities and Exchange Commission (SEC), but there is still a gap between the two organizations due to the CBN’s ongoing prohibition on banks.

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.

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