Is Binance Banned In Nigeria?
Is Binance Banned In Nigeria? For a fact, Binance is banned in Nigeria. There are not many countries whose governments are cool to have their citizens operating in a financial sphere where they do not have control. As long as the Nigerian federal government is concerned, No financial institution, person, or entity of any sort, if they are crypto-related, is permitted to operate in the country, as the crypto space is sustained on a decentralized functionality. And this means Binance inclusive.
However, we have seen that crypto-trading exchanges like Binance which serves as a good trading ground, and Dart Africa which offers Nigerians and Ghanaians the chance to easily convert their crypto to cash, have been operating seamlessly. This, somehow, awakens the curiosity as regards whether or not Binance is truly banned in Nigeria.
While we battle to contain the possibility of a banned web space existence, in the very country where it has been deemed inappropriate to function, this article gives a precise explanation of how this plays out, specifically with regard to Binance and Nigeria.
If Binance Is Banned In Nigeria, Can I Still Use It?
Of course, you can still use Binance in Nigeria even though it has been banned. It would suffice to mention that Binance as an exchange, and cryptocurrencies as digital assets, thrive on a deep level of anonymity and an advanced and rigid security wall. Hence, financial transactions are not traceable to their ends.
You can still use Binance in Nigeria as long as you operate within the protective walls which the platform offers. This means, there must be no breadcrumbs of crypto activity linking to your local Nigerian bank account. Otherwise, you get to face some penalties, ranging from operation limitations to complete account blockage.
Worthy to mention, is the fact that while Binance is fully operational in Nigeria, it’s still not advisable for use, especially in cases of conversion of fiat to local bank accounts. There have been many reported cases of regulatory issues, and histories of users having their local Nigerian bank accounts shut down without a prior warning.
Many people have long switched to Dart Africa, as this is a platform whose functionality is specifically tailored to meet the needs of Nigerians. It’s a statement of fact that region-based crypto facilities are the best for crypto-to-fiat conversion. This is not to throw a taint on the fact that Binance remains a juggernaut in the crypto ecosystem, with many trading features and a sound and protective
How Can I Use Binance In Nigeria And Not Get Banned?
You can use Binance in Nigeria and not get banned if you leverage the peer-to-peer network. Here’s what has happened in the course of time, in an attempt to widen up crypto use, to get to as many people as possible, Binance has added a fiat passage to the Nigerian local currency (Naira). Thus, granting users the possibility of Naira withdrawal directly via their Binance wallet.
“How is this done?” You might ask. On the Binance platform are verified merchants with a rich dose of liquidity that would help you with this, following the steps below.
How Do I Deposit Naira On Binance?
Step 1.
As soon as you’re logged into your Binance account, the homepage opens you to “wallet,” tapping on it brings you to “deposit,” upon clicking on it, it avails the “cash” option, and clicking on it takes you to the cash menu.
Step 2.
Locate Naira on the cash menu, it’s designated with the “NGN” sign. After which you should decide your preferred method of payment; it can either be via bank transfer or an e-wallet.
Step 3.
At this stage, you should impute your bank details, ensuring that it tallies with your personal data existing on your Binance account. It is usually just two boxes that’d appear for you to fill in; one is the account name, and the other is the account number.
Step 4.
Here’s where you decide the amount you wish to transfer. After which you’re shown a list of verified merchants. Chose your preferred one and tap on “send request”, you’ll be brought to a payment page where you’ll tap on “I have paid” to confirm your payment. Close the transaction by clicking on “close”.
Step 5.
Shortly after, your NGN will reflect in your spot wallet from whence you can convert it to your choice of crypto and begin trading any time you deem appropriate.
How Do I Withdraw Naira From Binance?
Withdrawing Naira from Binance is also possible with the help of merchants. Follow the steps below to facilitate Naira withdrawal.
Step 1.
Firstly, locate the “wallet” option on the homepage of your Binance account, it’ll take you to the “spot” section where you can click on “withdrawal”.
Step 2.
On the “withdrawal” page, tap on “cash” and choose the currency (Naira in this case) of your choice.
Step 3.
Here brings you to a page where you’ll fill in your local bank account details, making sure it is consistent with the name on your Binance account. Impute your withdrawal amount and click on “Continue”.
Step 4.
This page avails you with a list of merchants. Choose any of your choices. Thereafter, go through the requirements, conditions, and terms that are offered in this transaction to know what exactly you’re in for.
Step 5.
After you’ve confirmed the payment, an extra security wall is an OTP you must receive and impute in a box to confirm you’re truly the account owner.
Step 6.
You get to receive your funds in your local Nigerian bank account as soon as your payment is confirmed.
Conclusion
It still remains that Binance is pretty much functional in Nigeria, even though it’s been banned by the country’s federal government. However, for some operations, some crypto facilities suffice better. Hence, the reason people prefer a conversion platform for crypto-to-fiat conversion when the need arises, as opposed to using Binance for this cause. It all balls down to doing your due diligence and adopting the ideal crypto facility for carrying out specific operations.