{"id":8789,"date":"2023-06-16T20:56:53","date_gmt":"2023-06-16T20:56:53","guid":{"rendered":"https:\/\/blog.prestmit.io\/?p=8789"},"modified":"2025-04-24T07:29:42","modified_gmt":"2025-04-24T07:29:42","slug":"was-binance-banned-in-nigeria-the-real-scoop","status":"publish","type":"post","link":"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop","title":{"rendered":"Was Binance Banned in Nigeria? The Real Scoop"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ded2ed61cbf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ded2ed61cbf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Binance_in_Nigeria_Why_It_Matters\" >Binance in Nigeria: Why It Matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#The_Regulatory_Fallout_What_Happened\" >The Regulatory Fallout: What Happened?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#SECs_Declaration_Against_Binance_Nigeria_Limited\" >SEC\u2019s Declaration Against Binance Nigeria Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Binances_Response_A_Denial_and_Distancing\" >Binance\u2019s Response: A Denial and Distancing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Why_Nigeria_is_Targeting_Binance\" >Why Nigeria is Targeting Binance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#A_Currency_Crisis_and_Cryptos_Role\" >A Currency Crisis and Crypto\u2019s Role<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#CBNs_Crypto_Stance\" >CBN\u2019s Crypto Stance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#The_Future_Outlook_for_Binance_in_Nigeria\" >The Future Outlook for Binance in Nigeria<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Alternatives_For_Nigerian_Traders\" >Alternatives For Nigerian Traders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Frequently_Asked_Questions_FAQs_About_Binance_Ban_In_Nigeria\" >Frequently Asked Questions (FAQs) About Binance Ban In Nigeria<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Is_Binance_banned_in_Nigeria\" >Is Binance banned in Nigeria?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Is_Binance_still_available_in_Nigeria\" >Is Binance still available in Nigeria?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/prestmit.io\/blog\/was-binance-banned-in-nigeria-the-real-scoop\/#Is_crypto_trading_still_legal_in_Nigeria\" >Is crypto trading still legal in Nigeria?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">When the news of Binance\u2019s supposed ban broke, the crypto space was agog with users eager to confirm or dispel the news. How? Why? When? Users wondered. Has the world\u2019s largest crypto exchange in Africa\u2019s biggest economy been banned?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s go through the facts of the matter, the various regulatory wars behind the scenes, and how this affects you as a Nigerian crypto trader or investor.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Binance_in_Nigeria_Why_It_Matters\"><\/span><b>Binance in Nigeria: Why It Matters<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-11506 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/11\/binance-india.jpg\" alt=\"Binance ban\" width=\"1280\" height=\"720\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/11\/binance-india.jpg 1280w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/11\/binance-india-1024x576.jpg 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/11\/binance-india-150x84.jpg 150w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/11\/binance-india-768x432.jpg 768w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1280px; --smush-placeholder-aspect-ratio: 1280\/720;\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Before trying to understand the ban and how it affects you, how important is Binance in the crypto and financial space in Nigeria?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the past few years, Nigerians have actively participated in the crypto market, especially within Africa. In 2023, Nigerians made up about 8.5% of Binance&#8217;s trading traffic in Africa, thanks to the over 3.2 million registered users in Nigeria alone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chainanalysis<\/span><span style=\"font-weight: 400;\"> published on their website that Nigeria received over $59 billion in crypto value between July 2023 and June 2024, turning out to be the biggest crypto transaction in the entire Sub-Saharan Africa.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a lot of users, Binance goes beyond being a mere trading platform, it represents hope for a better life in a country where all hope seems to have been lost.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Regulatory_Fallout_What_Happened\"><\/span><span style=\"font-weight: 400;\">The Regulatory Fallout: What Happened?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"SECs_Declaration_Against_Binance_Nigeria_Limited\"><\/span><span style=\"font-weight: 400;\">SEC\u2019s Declaration Against Binance Nigeria Limited<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">On June 9, 2023, Nigeria&#8217;s Securities and Exchange Commission (SEC) announced that Binance Nigeria Limited had not been registered by Nigerian law and, as such, was not regulated. With new <\/span><a href=\"https:\/\/prestmit.io\/blog\/things-to-know-about-nigerias-sec-rules-governing-cryptocurrency\"><span style=\"font-weight: 400;\">Nigerian crypto regulation<\/span><\/a><span style=\"font-weight: 400;\"> policies popping up, the crypto market has been on the watchlist for a long time, and any platform with the slightest sight of fraud will be dismissed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was concluded by the authorities in 2023 that Binance\u2019s operations were illegal, and they warned Nigerians to disassociate from the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-10\/nigeria-s-sec-says-binance-operations-in-country-are-illegal?utm_source=chatgpt.com\" target=\"_blank\"><span style=\"font-weight: 400;\">Nigerian SEC announcement<\/span><\/a><span style=\"font-weight: 400;\"> published on the Bloomberg website claimed that Binance Nigeria Limited was not registered or regulated by the Commission, thus implying that its operations in Nigeria are illegal. The commission added that anyone doing business with Binance was doing so at their own risk.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Binances_Response_A_Denial_and_Distancing\"><\/span><span style=\"font-weight: 400;\">Binance\u2019s Response: A Denial and Distancing<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In response, the global Binance exchange denied any association with Binance Nigeria Limited, noting that the company was a scam. On June 18, 2023, the global Binance exchange CEO <\/span><b>C<\/b><span style=\"font-weight: 400;\">hangpeng Zhao<\/span><b> (<\/b><span style=\"font-weight: 400;\">CZ<\/span><b>)<\/b><span style=\"font-weight: 400;\"> made a tweet declaring Binance Nigeria Limited a scam entity and disassociated Binance global from it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By distancing itself from Binance Nigeria, it was clear that while Nigerians can still access Binance.com, the supposed local branch has no relationship with the global brand.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Nigeria_is_Targeting_Binance\"><\/span><span style=\"font-weight: 400;\">Why Nigeria is Targeting Binance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"A_Currency_Crisis_and_Cryptos_Role\"><\/span><span style=\"font-weight: 400;\">A Currency Crisis and Crypto\u2019s Role<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nigeria&#8217;s forex market has faced immense pressure since the naira has fallen by over 40% just in 2023. With many Nigerians jumping into crypto trading and more people already learning <\/span><a href=\"https:\/\/prestmit.io\/blog\/5-things-crypto-traders-need-to-understand-about-crypto-trading\/\"><span style=\"font-weight: 400;\">how to trade crypto in Nigeria<\/span><\/a><span style=\"font-weight: 400;\">, the market keeps getting crowded, and people are pulling out their funds from the bank and investing in crypto. The regulators figured that crypto platforms like Binance process over $26 billion in Nigerian transactions per month. This number came as a surprise to a lot of people, especially because there was a lot of work going on to stabilize the naira at the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Professor Uche Eke, a financial policy expert at the University of Lagos, explained that the regulatory scrutiny of Binance showcases deeper issues on cryptocurrency&#8217;s impact on monetary policy in Nigeria. When billions of dollars move outside the formal banking channels, it limits the CBN\u2019s ability to control the naira.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"CBNs_Crypto_Stance\"><\/span><span style=\"font-weight: 400;\">CBN\u2019s Crypto Stance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There was a <\/span><a href=\"https:\/\/nairametrics.com\/2021\/02\/05\/nigerian-central-bank-instructs-banks-to-close-accounts-related-to-crypto\/?utm_source=chatgpt.com\" target=\"_blank\"><span style=\"font-weight: 400;\">CBN official statement<\/span><\/a><span style=\"font-weight: 400;\"> issued to banks in 2021 after a ban was placed on crypto in Nigeria, instructing banks to not facilitate crypto-related transactions. Despite this, Nigerians continue to trade with crypto, especially young professionals and digital entrepreneurs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will be difficult to reduce Nigerians&#8217; involvement in crypto trading even with more <\/span><a href=\"https:\/\/prestmit.io\/blog\/trouble-binance-nigeria-5-alternative-crypto-exchanges\"><span style=\"font-weight: 400;\">alternative crypto exchanges<\/span><\/a><span style=\"font-weight: 400;\"> showing up online almost every year.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Future_Outlook_for_Binance_in_Nigeria\"><\/span><span style=\"font-weight: 400;\">The Future Outlook for Binance in Nigeria<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Binance\u2019s global operations remain under intense scrutiny. In the U.S., Binance and its U.S. arm face a <\/span><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2023-101?utm\" target=\"_blank\"><b>13-count lawsuit<\/b><\/a><span style=\"font-weight: 400;\"> for unregistered securities activities. Coupled with Nigeria\u2019s rejection of Binance Nigeria Limited, the road ahead appears bumpy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Could Binance seek registration under SEC guidelines and re-enter the Nigerian market? It could, but it would be difficult to gain the trust of the public, and regulatory approval will also be a problem.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Alternatives_For_Nigerian_Traders\"><\/span><strong>Alternatives For Nigerian Traders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"381\"><\/td>\n<td width=\"522\"><strong>Prestmit<\/strong><\/td>\n<td width=\"489\"><strong>Paxful<\/strong><\/td>\n<td width=\"495\"><strong>Quidax<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"381\"><strong>Features<\/strong><\/td>\n<td width=\"522\">&#8211; Offers crypto on\/off ramp services.<\/p>\n<p>&#8211; Bitcoin, Tether, Litecoins &amp; Dogecoin are available.<\/p>\n<p>&#8211; Multiple payment options<\/td>\n<td width=\"489\">&#8211; Features <a href=\"https:\/\/prestmit.io\/blog\/top-5-p2p-trading-platforms-in-nigeria\/\">P2P trading<\/a>.<\/p>\n<p>&#8211; Gives users a free digital wallet.<\/p>\n<p>&#8211; Built-in escrow to ensure trade satisfaction between parties.<\/p>\n<p>&#8211; Allows payment via multiple payment methods<\/td>\n<td width=\"495\">&#8211; Instant crypto trades.<\/p>\n<p>&#8211; Multiple payment options.<\/p>\n<p>&#8211; Supports many cryptocurrencies<\/td>\n<\/tr>\n<tr>\n<td width=\"381\"><strong>Benefits<\/strong><\/td>\n<td width=\"522\">&#8211; Ease of use.<\/p>\n<p>&#8211; Speedy transactions.<\/p>\n<p>&#8211; Low transaction fees<\/p>\n<p>&#8211; High security<\/td>\n<td width=\"489\">&#8211; High security<\/p>\n<p>&#8211; Speedy transactions<\/p>\n<p>&#8211; Ease of use<\/td>\n<td width=\"495\">&#8211; Great customer.<\/p>\n<p>&#8211; Fast transactions.<\/p>\n<p>&#8211; High security.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs_About_Binance_Ban_In_Nigeria\"><\/span>Frequently Asked Questions (FAQs) About Binance Ban In Nigeria<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Is_Binance_banned_in_Nigeria\"><\/span><strong>Is Binance banned in Nigeria?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The SEC has banned all crypto exchange Binance Nigeria Limited activities because it is not registered and regulated. In a circular released on the regulatory body&#8217;s website, Nigerians were advised to stop every transaction with the exchange or do so at their own risk. The Commission has instructed Binance to refrain from asking the public to invest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Binance_still_available_in_Nigeria\"><\/span><strong>Is Binance still available in Nigeria?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Nigerians can access the platform but now do so at their own risk. Currently, no subsidiary follows the regulations in Nigeria.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_crypto_trading_still_legal_in_Nigeria\"><\/span><b>Is crypto trading still legal in Nigeria?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, even though banks are not permitted to process crypto transactions, Nigerians are still legally allowed to trade crypto. However, the platforms where these trades are done must obey SEC guidelines.<\/span><\/p>\n<p><strong>Final Thoughts<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The problems that have come from the Binance ban in Nigeria show a clear conflict between innovation and regulation. While Binance Nigeria Limited is now blacklisted, the crypto revolution has not reduced even though there are rules that govern it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nigerian crypto traders have the responsibility to understand the do\u2019s and don\u2019ts of the crypto market currently, as this determines the safety of your investments.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the news of Binance\u2019s supposed ban broke, the crypto space was agog with users eager to confirm or dispel the news. How? Why? When? Users wondered. Has the world\u2019s largest crypto exchange in Africa\u2019s biggest economy been banned? Let&#8217;s go through the facts of the matter, the various regulatory wars behind the scenes, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[471],"tags":[303,1850,1264],"class_list":["post-8789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-biggest-crypto-exchange","tag-binance-ban-in-nigeria","tag-binance-exchange"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Was Binance Banned in Nigeria? 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