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Headline : Nigerians switch to other p2p options after Binance clampdown

Read more from the original article on here at techcabal.com.




Tags : #nigerians #switch #p2p #options #binance #clampdown


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Image source: Techcabal

It was a routine Thursday for Pascal*. He’d planned to convert some Naira to USDT on his favourite exchange, Binance, a strategy he used to hedge against inflation and build a safety net. He soon found out that he wasn’t able to access the Binance website. Flustered and worried, he hobbled around for new alternatives to carry out his transactions. 

This sudden disruption wasn’t unique to Pascal. On Wednesday, February 22, news broke that Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), had restricted user access to the websites of Binance, Coinbase, and Kraken, accusing the companies of manipulating prices of the naira/dollar pair in unofficial markets.These crypto exchange platforms became the go-to for direct crypto transactions—through their peer-to-peer trading feature—after Nigeria’s central bank abolished local financial institutions from enabling crypto transactions in 2021. The crypto exchanges have also played a significant role in determining unofficial exchange rates for the naira, with platforms like Binance often serving as benchmarks for local foreign exchange rates.

While the websites of Binance, Coinbase, and Kraken have been inaccessible in the country, crypto traders who spoke to TechCabal claim they now use alternatives like Bybit, Bitget, Kucoin, and Coincola and messaging platforms like Telegram, (which comes with an in-app wallet) to make transactions. However, Bybit has emerged as a favourite for these crypto traders who say the exchange’s low transaction fee—0.2%—is a reason for the choice. 

Read more from the original article on here at techcabal.com.


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