Why Binance Withdrawal Not Working in Nigeria

Key Takeaways

Binance P2P and Web activities face restrictions following regulatory issues with the Nigerian SEC.

While users may not access Naira P2P and airdrop opportunities on the Binance platform, trading, deposit, and withdrawal of crypto assets remain available.

Other alternatives to Naira P2P on Binance include Bybit, Gate, Bitget, Spender, and Quidax.

Cryptocurrency adoption in Nigeria is said to be in an advanced stage, following widespread acceptance among young people, leading to the likes of Binance having a significant impact, as the platform provided an easy entry for many at the time.

Despite the Binance platform having its ups and downs in the Nigerian economy, regulatory laws from the Nigerian Security and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have made it easier for many Nigerians to interact with the platform.

Is Binance still operating in Nigeria, and can one withdraw funds from its platform?

Is Binance Banned in Nigeria?

Binance was the earliest crypto exchange to offer Nigerians a seamless way to explore the potential of the crypto space, following the ban on Nigerians buying crypto assets directly from their bank accounts.

Binance launched its Naira Peer-to-Peer (P2P) trading system in 2019, allowing users to perform transactions with vendors buying USDT and selling USDT to local Naira. This experience led to significant growth for the Nigerian crypto community, with the community hitting a milestone as the top P2P contributor.

Despite the Nigerian CBN banning bank-related activities involving cryptocurrency and later lifting that ban, this news was short-lived, as Binance faced legal battles with the Nigerian SEC, which placed a ban on Binance’s activities in Nigeria, and Binance closed its P2P system for Nigerians in 2024.

While the Binance app still works in Nigeria, related activities, such as P2P, have been discontinued, leaving many traders and vendors to migrate to other platforms that support Naira P2P.

Is Binance Still Working in Nigeria?

The Binance platform and application still work in Nigeria, but it has currently blocked P2P domain support and airdrop opportunities, making it difficult for Nigerians to access them on its platform.

Crypto on-chain withdrawals still work, but users are faced with uncertainties accessing the platform, such as:

Telecom Domain Restrictions – Many telecom providers blocked access to the Binance domain and related subdomains within Nigeria, making it difficult to access the website, as traders and users rely on VPNs.

Restricted P2P – Binance has restricted peer-to-peer trades by removing the crypto-Naira pair from its P2P marketplace. Traders have now opted to conduct P2P trades on other platforms, such as Bybit.com, Gate.io, Bitget.com, and others.

Local Banks Limitations – Nigerian banks have also frozen accounts believed to be linked to trading cryptocurrencies with Binance.

Following Binance P2P being unavailable to Nigerians, many have moved to other platforms.

Binance Alternative for P2P Trading

There are several Binance P2P alternatives that users have discovered and serve the same purpose; they include Bybit, LocalBitcoins, Gate, Bitget, Quidax, and others.

Final Thought

Binance hasn’t completely left Nigeria, but it’s far from the seamless experience it used to be. Direct Naira transactions, P2P with Nigerian currency, and several incentives, such as token airdrops and TGE events, are gone. The web platform itself is blocked by local telecom providers, and access now often requires workarounds like VPNs, which aren’t perfect.

Frequently Asked Questions

Can I still use Binance in Nigeria?

Users can still access the Binance mobile app to perform trading activities, deposit, and withdraw crypto assets, but not Naira.

Is Binance leaving Nigeria?

Binance has had its activities limited in Nigeria following regulatory issues with the Nigerian SEC, which led to the disabling of P2P and airdrop opportunities in Nigeria.

Can I withdraw from Binance in Nigeria?

Users can withdraw and deposit USDT, but the Naira option is unavailable to users in Nigeria.

How to withdraw crypto to a bank account in Nigeria?

Cryptocurrency assets can be withdrawn to a Nigerian account using the P2P method, allowing traders to make a direct transfer to the user’s local account.

Do Nigerian banks accept cryptocurrency?

Regulatory compliance in Nigeria does not allow banks to accept crypto, as this is against the banking standards.

Does OPay accept cryptocurrency?

Opay does not accept cryptocurrency on its platform. It is a Nigerian Fintech bank that accepts only Naira.

How to change crypto to cash in Nigeria?

The fastest way to convert crypto to cash in Nigeria is to use OTC apps or crypto exchanges that allow P2P trading and cashout to a bank account in Naira.

What is the best app to convert crypto to Naira in Nigeria?

There are various apps for converting crypto to Naira; however, crypto exchanges such as Bybit and Gate have won many over with their seamless P2P platforms.