Why is Binance not working with Nigerian banks again?
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Why Binance isn’t working with Nigerian banks again 1. Bank Ban from the Start In 2021, CBN ordered banks to stop servicing crypto exchanges like Binance. Even though the ban eased in late 2023, the distrust remained. Banks are still cautious. 2. Government Crackdown and Website Block Early in 2024,Read more
Why Binance isn’t working with Nigerian banks again
1. Bank Ban from the Start
In 2021, CBN ordered banks to stop servicing crypto exchanges like Binance. Even though the ban eased in late 2023, the distrust remained. Banks are still cautious.
2. Government Crackdown and Website Block
Early in 2024, federal agencies accused Binance of forex manipulation and destabilizing the naira. The government even restricted access to Binance’s website and its P2P channels. That move alone crippled naira trades on the app.
3. Binance Pulled the Plug Voluntarily
Under pressure, Binance formally ended all naira-supported services by March 8, 2024. Any remaining NGN in users’ accounts were automatically converted to USDT. Deposit and withdrawal options were fully disabled.
Even with CBN permissions now, banks are still skittish. And Binance is under legal heat—its executives were arrested over money laundering and tax issues. That’s enough reason for Nigerian banks to keep play safe.
See lessYou 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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