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You know why Binance is no dey work with Nigerian banks? Na both regulatory pressure and trust issues. Back in 2021, CBN banned banks from handling crypto exchanges—so banks dey avoid Binance transactions just to stay safe. That ban was supposedly lifted in December 2023, but the regulatory tensionRead more
You know why Binance is no dey work with Nigerian banks? Na both regulatory pressure and trust issues. Back in 2021, CBN banned banks from handling crypto exchanges—so banks dey avoid Binance transactions just to stay safe. That ban was supposedly lifted in December 2023, but the regulatory tension never went away. In early 2024, the very security authorities blocked Binance’s website and P2P transfers, blaming it for messing up the naira rate and forex stability. Not long after, Binance stopped accepting naira deposits or withdrawals and started converting users’ Naira balances into USDT. So even if CBN made a U-turn with the VASP license, Binance still can’t fully work with local banks because of ongoing legal drama and trust gaps. Nigerian users now mostly use peer exchanges, crypto bridges, or foreign accounts to access services.
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