Binance crypto exchange is reportedly planning to phase out crypto operations from Nigeria. Many local crypto stakeholders claimed that new crypto exchanges will enter the market if this happens.
Binance is a highly regarded crypto exchange, best known for its highly secured and crypto trader-friendly services. The services of this exchange are available in multiple countries, where crypto trading is legal under the existing laws of the corresponding jurisdictions. Just a week ago, Nigeria imposed URL access restrictions on multiple crypto exchanges, including Binance and Coinbase.
Following regulatory pressure from Nigerian enforcement agencies, Binance also terminated Naira, the Nigerian sovereign fiat currency, related to all crypto services. In short, Nigerian crypto traders can only use Binance to trade crypto assets.
Following these hurdles with the Binance exchange, many local crypto stakeholders shared their views on this situation saying that new crypto exchanges will enter the Nigerian crypto market to fill the gap as Binance may leave the country.
According to reports, Binance’s exit from Nigeria will also lead to a rise in unemployment in the country. There are high chances of youngsters in the country coming up with new crypto startup ideas as there will be very little competition in the market.
Nathaniel Luz, the CEO of liquidity provider Flincap, said many Nigerians used Binance’s P2P trading services and it was a better source of income for them but now they have switched to WhatsApp and Telegram for P2P trading which is not going smoothly for them . newcomers, because it is not easy to fight against scammers if there is no middleman.
More importantly, Flincap’s CEO drew attention to Binance’s departure as part of new fears. According to him, it could cause great fear among Nigerian crypto traders and there are high chances that it will erode the confidence of both crypto investors and new crypto entrepreneurs in this sector.
Binance (BNB) price action
BNB is the native token of the Binance crypto exchange, the backend development work is managed by an independent team.
The current trading price of BNB is $529 and this trading price is up 63% in the last 30 days.
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