Is Binance Banned in Nigeria?

Binance discontinued its Nigerian naira (NGN) services in 2024, including naira trading pairs on its peer-to-peer marketplace. However, the removal of naira services is not the same as closing every Binance account or discontinuing every cryptocurrency service.

In this guide, we will explain whether Binance is banned in Nigeria, what happened to Binance P2P, how USDT-to-naira conversion works, the regulatory position concerning Binance Nigeria Limited, and alternatives for converting cryptocurrency to naira.

Is Binance Still Working in Nigeria?

Binance announced on March 5, 2024, that it would discontinue all Nigerian naira services. The announcement specified that users could continue accessing their Binance accounts and that their accounts would not be directly affected by the discontinuation process.

The changes included:

• Stopping NGN deposits and withdrawals
• Delisting NGN spot trading pairs, including BTC/NGN and USDT/NGN.
• Removing NGN from Binance Convert.
• Delisting NGN trading pairs from Binance P2P.
• Removing NGN as a supported payment option on Binance Pay.

According to Binance’s official announcement on Nigerian naira services, the NGN P2P trading pairs were delisted on February 28, 2024. Therefore, if you want to use Binance specifically to buy or sell crypto for naira, the service won’t be available. Other Binance services still functions properly including crypto-crypto swaps, crypto deposits & withdrawals.

What Happened to Binance P2P in Nigeria?

Binance P2P, meaning peer-to-peer trading, previously allowed users to buy and sell cryptocurrencies directly with other users through a marketplace.

Nigerian traders used Binance P2P to exchange naira for cryptocurrencies such as USDT, Bitcoin and Ethereum. Buyers and sellers could compare offers, choose a suitable price and payment method, and complete transactions through the platform’s trading process.

However, Binance removed Nigerian naira trading pairs from its P2P marketplace on February 28, 2024. This was followed by the discontinuation of other naira services in March 2024.

The change affected users who relied on Binance P2P to convert Bitcoin to naira or purchase USDT using naira. They could no longer rely on Binance’s former NGN P2P marketplace for these transactions.

USDT to Naira Binance: What You Need to Know

The keyword USDT to naira Binance is relevant to Nigerian crypto users who want to determine the naira value of their Tether holdings.

USDT is a stablecoin designed to track the value of the US dollar. Although it is intended to maintain a value close to one US dollar, its actual trading price can vary slightly between markets and services.

Before Binance discontinued its NGN spot trading pairs, users could access a USDT/NGN market on Binance. That market was delisted as part of the 2024 naira-service changes. This means you should not rely on an old Binance USDT-to-naira price, screenshot, or online calculator as evidence of a currently available Binance NGN market.

USDT to Naira Binance P2P: Rates and Restrictions

Many Nigerian traders search for USDT to naira Binance P2P because they want to compare rates before selling their cryptocurrency.

Historically, Binance P2P allowed traders to compare advertisements from buyers and sellers. The price available to an individual trader could vary according to market demand, transaction size, payment methods and the offers posted by merchants.

However, because Binance delisted NGN trading pairs from its P2P marketplace in February 2024, users should not assume that a Binance USDT/NGN P2P rate is currently available.

If your objective is to sell USDT for naira, consider the following before choosing an alternative service:

1. Selling rate: Check the amount of naira you will receive per USDT.
2. Transaction limits: Confirm the minimum and maximum amount permitted.
3. Payment methods: Check whether the service supports your preferred naira payout method.
4. Fees: Calculate the final payout after applicable charges.
5. Verification: Understand the identity-verification requirements.
6. Security: Review the provider’s reputation, transaction process and support arrangements.

A higher advertised rate does not automatically mean you will receive more money. Compare the final payout and transaction conditions before confirming a sale.

Binance Nigeria Limited: What Did the SEC Say

On June 9, 2023, the Nigerian Securities and Exchange Commission (SEC) published a circular concerning the activities of Binance Nigeria Limited. The Commission stated that Binance Nigeria Limited was neither registered nor regulated by the SEC and directed the entity to stop soliciting Nigerian investors.

On July 28, 2023, the SEC published a further warning concerning Binance and its solicitation of Nigerian investors. These notices are important when understanding the regulatory background of Binance’s activities in Nigeria.

However, it is necessary to distinguish the SEC’s statements about registration and solicitation from Binance’s separate announcement concerning the discontinuation of naira services. The discontinuation of NGN trading pairs was a platform-service change. The SEC circulars concerned the regulatory status and activities identified by the Commission.

You can read the official notices here:

• SEC Nigeria: Circular on the Activities of Binance Nigeria Limited
• SEC Nigeria: Warning Against Investing With Binance

For current legal and regulatory developments, consult the SEC’s official publications rather than relying exclusively on old social media posts or third-party commentary.

Best Alternatives to Binance P2P in Nigeria

 

• Crypto to Naira Conversion Apps

If you are looking for a way to convert cryptocurrency to naira without relying on Binance’s former NGN P2P marketplace, you can explore MasaMasa, a crypto-to-naira conversion app.

MasaMasa is designed for users who want to sell supported cryptocurrencies and receive naira. Its suitability depends on the asset you want to sell, your verification status and the transaction limits available to your account.

• Other peer-to-peer marketplaces

Some cryptocurrency platforms including Bybit, Bitget, Gate & Okx still provides P2P trading for NGN markets.

P2P transactions also carry risks, including payment disputes, fraudulent payment evidence and potential problems arising from funds received from third parties. You can avert all the stress and dangers by using MasaMasa.

• OTC & Online Vendors

OTC desks and online crypto vendors offer alternatives to Binance P2P for Nigerians who want to buy or sell USDT, Bitcoin, and other supported cryptocurrencies for naira.

They typically handle larger transactions through direct quotes and agreed settlement terms, while online vendors may offer a simpler process for everyday crypto conversions. Before choosing a provider, compare exchange rates, fees, transaction limits, and payout times. Always verify the vendor’s reputation, applicable regulatory status, and payment receipt before releasing your cryptocurrency.