Last updated on December 9th, 2024 at 10:27 am
Binance p2p not working in Nigeria? Don’t worry. You’ll learn the easiest way to trade and withdraw your naira.
If you’re looking for a way to withdraw your Naira to your local bank account from Binance
This article is for you!
Recall that the Nigerian government recently disabled the P2P option to trade cryptocurrencies on Binance in a bid to save Naira against the dollar and here is why.
Reasons Why P2P Is Not Working In Nigeria
In Nigeria, the peer-to-peer (P2P) feature on Binance, which allows direct trading between buyers and sellers, is not working. This is because the Nigerian government has concerns about Binance’s impact on the Nigerian currency, the Naira.
The Nigerian government is worried that cryptocurrency platforms like Binance are being used for activities that can harm the country’s financial system. Some of these concerns include:
- Manipulation of the foreign exchange market: The government believes that cryptocurrency trading on platforms like Binance is being used to illegally manipulate the value of the Naira against other currencies.
- Money laundering: The government is concerned that a large amount of money (around $26 billion in the last year) is passing through Binance Nigeria from unknown sources, which could be linked to money laundering activities.
- Unlawful money transfers: The government thinks that cryptocurrency platforms like Binance are being used for transferring money illegally.
To address these concerns, the Nigerian government has taken several actions:
- Removed the Naira from Binance’s P2P platform, meaning Nigerian users can no longer trade directly with each other using the local currency.
- Detained two senior Binance officials in Nigeria and seized their passports.
- Intensified regulation and monitoring of cryptocurrency activities to protect the country’s financial stability and prevent illegal activities like money laundering.
In response to these regulatory actions and concerns from the Nigerian government, Binance has disabled the P2P feature for Nigerian users. This is to comply with the government’s directives and prevent further issues related to foreign exchange manipulation and other concerns raised by the authorities.
What if I tell you there is a way to get your money and trade as Binance p2p is not working in Nigeria presently?
Before now, Binance P2P was a place where people could buy and sell cryptocurrency directly with each other.
You could use your local currency to trade for popular cryptocurrencies like USDT, Bitcoin or Ethereum.
It’s like a marketplace where you can find sellers who want to exchange their crypto for your money or buyers who want to exchange their money for crypto.
Just be careful and make sure to trade with trustworthy people! Binance provided the escrow service to ensure safe trade among peers.
Are There any Alternative P2P Trading Platforms Available in Nigeria?
Yes, there quite few of them. After Binance stopped offering peer-to-peer (P2P) trading for Nigerian users due to government regulations, some alternative P2P platforms have become popular in Nigeria. 5 of these platforms are:
- Kucoin
- Bybit
- NoOnes
- Okex
- Prestmit
KuCoin is a popular cryptocurrency exchange platform that allows users to buy, sell, and trade various digital currencies. It offers a user-friendly interface and supports a wide range of cryptocurrencies. KuCoin is known for its low trading fees and has a built-in peer-to-peer trading feature that enables direct transactions between buyers and sellers.
OKEx is another well-established cryptocurrency exchange platform that offers spot trading, futures trading, and other financial services related to digital assets. It supports a large number of cryptocurrencies and has a strong presence in various markets across the globe. OKEx is known for its advanced trading tools and features, making it popular among experienced traders.
Bybit is a cryptocurrency derivatives exchange platform that focuses primarily on perpetual contracts and futures trading. It offers leveraged trading opportunities and supports trading pairs involving Bitcoin, Ethereum, and other major cryptocurrencies. Bybit is known for its user-friendly interface, fast order execution, and extensive risk management tools for traders.
NoOnes is a P2P trading platform designed specifically for users in countries like Nigeria. It allows people to buy and sell cryptocurrencies by directly trading with each other. NoOnes offers various payment methods, such as gift cards, bank transfers, and mobile money. The platform focuses on security, building trust, and following regulations to provide a reliable alternative to traditional P2P platforms.
Prestmit is another well-known P2P trading platform in Nigeria. It allows users to safely buy and sell cryptocurrencies by directly trading with each other. Prestmit operates in Nigeria and Ghana, providing a platform where buyers and sellers can meet to exchange digital assets like cryptocurrencies and gift cards. Prestmit is known for its user-friendly services and secure environment.
These alternative platforms, like NoOnes and Prestmit, have become popular choices for Nigerian users who want to continue trading cryptocurrencies through P2P transactions. They provide a way for people to engage in cryptocurrency activities while complying with the regulations set by the Nigerian government.
There 2 Ways to Trade Crypto on Binance and Withdraw in Naira.
- Send Crypto to other exchanges with P2P
Simply trade on Binance and send USDT from Binance to other exchanges like Kucoin. Use their P2P option You get your money in Naira and withdraw NGN into your local bank.
- Transfer and Sell Crypto:
To achieve this on Binance, go to your Spots wallet, and select any coin/token you which to transfer. Then, click on “Withdraw” Input the amount you want to withdraw, past your wallet address copied from an alternative platform you wish to use and click “Continue“. Be sure to paste the correct wallet address to avoid losing funds. Once the transaction is successful, Your wallet will be credited
As soon as you’re credited, you go to “spots” to trade against USDT
and Go ahead to sell USDT for NGN at the P2P market as seen in the image below.
Checkout 22 Coins To Buy Now Before The Next Crypto Bull Run In 2024 which you can trade on Binance and cash out using secured Kucoin P2P
Conclusion
These platforms I have mentioned, KuCoin, OKEx, and Bybit, are widely used by cryptocurrency traders and enthusiasts around the world. They provide various services related to buying, selling, and trading digital currencies, catering to users with different levels of experience and trading preferences. While KuCoin is popular for its user-friendly interface and P2P trading, OKEx is known for its advanced features and diverse offerings, and Bybit specializes in derivatives trading with leverage and risk management tools.
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