Binance Cryptocurrency Exchange adds support for the Nigerian Naira (NGN) on Binance P2P (peer-to-peer) platform as part of its ongoing fiat-to-crypto expansion. This is a big competition for leading peer-to-peer platforms like Paxful.
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Binance recently launched Binance P2P, a peer-to-peer platform launched under the Binance exchange. Nigerian Naira is the first fiat to be launched on the platform.
Starting from March 4, Binance P2P users can trade major cryptocurrencies such as Bitcoin (BTC), ETH using NGN with zero transaction fees.
Binance P2P users in Nigeria can now post trade adverts for any trades through the P2P Merchants.
With the Nigerian Naira (NGN) listing, users in Nigeria can now directly buy and sell cryptocurrency like Bitcoin, Ethereum (ETH) and Tether (USDT) stablecoin with other users and verified merchants using the P2P platform.
Aside the zero-fee services available both through the Binance website and Binance mobile app, Chanpeng Zhao popularly known as CZ also notes that customers can post trade ads for earning money by using the P2P merchants platform.
“We are also providing an unique opportunity for users to become P2P Merchants where they can post trade ads and earn money, estimated to be a few thousand dollars USD equivalent per month, while providing cryptocurrency access for their communities.”
Binance Cryptocurrency Exchange opened Nigerian Naira (NGN) deposit and withdrawal in October, 2019 with three major markets USD/NGN, BNB/NGN and BTC/NGN.
Binance fierce move to leverage the Nigeria and African market also saw a new partnership with Paxful peer-to-peer allowing direct peer-to-peer market for Nigerian users on Binance.
In January, Binance introduced its Binance P2P Merchant Program as a user-oriented crypto fiat trading platform. Just recently in Febuary, Binance reduced the fiat deposit and withdrawal for up to 18 million Naira deposit for as low as N150 naira.
Nigerian Naira is the first African currency supported on Binance P2P platform. Binance plans to further introduce its P2P trading service to more African countries this month.