Binance crypto exchange has launched a P2P market for Nigerian crypto traders in the wake of the Central Bank of Nigeria announcing a banking ban for crypto exchanges and traders. The crypto platform which was already offering direct fiat deposits and trading pairs had to halt the service in the wake of the banking ban, however, the CEO of the exchange ChangPeng Zhao had promised they would launch a p2p market soon.
— CZ ???? Binance (@cz_binance) February 10, 2021
The banking ban imposed by the Nigerian Central Bank created a lot of outrage and fear among crypto traders in the country, however, Binance’s support in these troubled times could help local crypto-traders to continue trading on P2P markets without fearing for their funds.
Rights Group Lawyer Demand Immediate Revoking of Banking Ban
A Rights Group Lawyer has filed a case against the country’s SEC and central bank claiming that the banking ban imposed by the central bank is illegal as they do not hold the authority to pass such a rule.
Nigeria has started to show great signs of crypto adoption in the wake of the government’s decision to limit US Dollar holding by citizens. The bitcoin trading volume has reached record highs in the country before the banking ban. While the current rule does not prohibit crypto trading in the country, it blocks ways for traders to liquidate their funds.
The P2P market has registered significant growth in countries where governments have decided to put regulatory clampdowns on crypto use. In a P2P market, a trader does not have to depend on a bank to liquidate their funds as they can directly exchange their digital against the US Dollar or currency of their choice.
The Binance CEO had earlier asked Nigerian crypto traders to withdraw their funds in the wake of the banking ban however also advised others to convert their Fiat holding to Binance Coin if they wish to continue trading. It seems the demand for BNB in the Nigerian markets and the rising popularity of Binance Smart Chain has sent BNB price to a new ATH of $148.