Crypto exchange Binance is reportedly planning to close the Nigerian crypto business. Many local cryptocurrency stakeholders stated that if this happens, new cryptocurrency exchanges will enter the market.
binance is a top-notch crypto exchange, mainly known for its highly secure and friendly services for crypto traders. The services of this exchange are available in several countries, where cryptocurrency trading is legal under the applicable laws of the relevant jurisdictions. Just a week ago, Nigeria imposed URL access restrictions on multiple crypto exchanges, including Binance and Coinbase.
Following regulatory pressure from Nigerian enforcement agencies, Binance also canceled Naira, Nigeria's sovereign fiat currency, related to all crypto services. In short, Nigerian cryptocurrency traders can use Binance solely to trade crypto assets.
After these hurdles with the Binance exchange, many local cryptocurrency stakeholders shared their opinions on this situation and said that new crypto exchanges will enter the Nigerian crypto market to fill the gap because Binance may leave the country.
Binance's exit from Nigeria will also reportedly lead to an increase in the unemployment rate in the country. There are high chances that the youth of the country will come up with new crypto startup ideas as there will be very little competition in the market.
Nathaniel Luz, CEO of liquidity provider Flincap, said many Nigerians were using Binance's P2P trading services and it was a better source of income for them, but they are now switching to WhatsApp and Telegram for P2P trading, which It's not easy for them. newcomers, as it is not easy to fight any scammer in the absence of intermediaries.
More importantly, the Flincap executive drew attention to Binance's exit as part of a new scare. According to him, this may create great fear among Nigerian cryptocurrency traders and there are high chances that it will degrade the confidence of cryptocurrency investors as well as new cryptocurrency entrepreneurs in this sector.
Binance (BNB) Price Action
BNB is the native token of the Binance crypto exchange, the backend development work is managed by an independent team.
The current trading price of BNB is $529 and this trading price has been 63% higher in the last 30 days.
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