Crypto & Forex

Yes, Binance still works in Nigeria, but only in a limited and unofficial way. You can still use the platform for crypto-to-crypto trades, but naira transactions (deposits and withdrawals) have been disabled since early 2024. Officially, Binance is under fire from Nigerian regulators, and using it now comes with serious risks.

Here’s what’s really happening:

• In 2023, the Nigerian SEC declared Binance’s operations illegal.

• By early 2024, the CBN intensified the crackdown. Two Binance executives were arrested for alleged financial violations.

• In March 2024, Binance removed all support for naira. No more direct naira deposits or withdrawals.

• The Nigerian government has made it clear they don’t want Binance operating in the country.

What does this mean for you as a Nigerian user?

• You can still access Binance (some use VPNs), but it’s risky.

• No naira services — only crypto-to-crypto.

• Any use of the platform puts you in a grey legal area. If Binance runs into more issues, your funds could get stuck.

• Nigerian users have already started shifting to local exchanges or trusted P2P platforms.

Better options for Nigerians now:

1. Quidax – Nigerian-owned and easier to use for naira transactions.

2. P2P platforms like Paxful or KuCoin’s P2P – Still active and flexible.

3. Bundle Africa or Yellow Card – Designed with Nigerian users in mind and currently allowed.

Real talk:
You can still use Binance, but don’t rely on it like before. The naira door is closed, and any workaround you use (like VPN or P2P) is at your own risk. If you’re just trying to trade or invest in crypto from Nigeria, you’re better off using a local exchange that won’t get shut down overnight.