Regulatory Hurdles Fail to Deter Binance’s Popularity in Nigeria

Binance has been ranked the number one cryptocurrency exchange for Nigerians primarily because of its robust peer-to-peer (P2P) marketplace, which allows Nigerian traders to trade various digital assets using local payment channels. The exchange’s wide range of listed tokens, coupled with its highly liquid trading platform, makes Binance stand out among rival exchanges.

According to an NFT Evening report, other key attributes, such as 0.1% fees, advanced trading tools, futures markets and staking opportunities, help Binance solidify its position atop the rankings. While the security features of Binance’s platform make it one of the most secure, some users reportedly find the verification steps “lengthy” and must navigate occasional regulatory hurdles.

The report’s conclusion that Binance ranks ahead of both global and domestic exchanges comes as the exchange is in the midst of a dispute with Nigerian officials. As reported by Bitcoin.com News, the Nigerian government recently filed an $81.5 billion lawsuit against Binance, accusing it of running an unlicensed operation and tax evasion.

For its part, Binance has seemingly sought to limit its exposure to the Nigerian market, especially after the detention of its employee Tigran Gambaryan last year. Recently, the exchange reportedly began to block Nigerians from participating in airdrop campaigns, a move many users criticized. However, as the NFT Evening report notes, Binance’s key attributes are enough to see it rank ahead of Bybit and Bitget, the second and third placed exchanges, respectively.

While Bybit’s allure is its extensive derivatives options and an interface streamlined for higher-volume trading, Bitget’s copy trading feature, which shortens investors’ learning curve, is credited with helping it bring on board new users.

Meanwhile, the report suggests that all global exchanges targeting the Nigerian market have limited direct deposit options. This often forces users to look for costlier alternatives or opt for a local exchange like Quidax, one of only two licensed by the Nigerian Securities and Exchange Commission. Of the top eight ranked cryptocurrency exchanges serving the Nigerian market, two are from Africa, and two, Coinbase and Kraken, are American.

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