Why is Binance not Working in Nigeria?

Why is Binance not working in Nigeria: Except you have been living under a rock, you must have heard of the Binance and Nigeria Government saga. So if you’re wondering why Binance is not working in Nigeria, well this article will answer your question.

But then, let’s start from the basics.

What is Binance?

Binance is a blockchain company. It comprises of the Binance cryptocurrency exchange, Binance Labs, and other companies all under the same umbrella.

In this case, we will be talking about the world’s largest cryptocurrency exchange, Binance. When we say “world’s largest cryptocurrency exchange”, we measure this in terms of the volume of trades that happen there every day.

Binance is a popular choice of platform for buying and selling of various digital assets which includes over 500 different cryptocurrencies, and trading directly with each other. This cryptocurrency exchange offers more than just buying and selling of crypto, it also provides different options for users to earn passive income on their crypto.

Binance has over 190 million users from over 180 countries.

Features of Binance

• Direct Transactions: Binance facilitates direct transactions between buyers and sellers when it comes to peer-to-peer transactions, thereby enabling users to negotiate prices and payment methods based on their preferences. You as a buyer can choose a seller, and then decide to trade with them if they meet your needs
• Variety of Cryptocurrencies: Users can trade a variety of cryptocurrencies on Binance. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others.
• Secure Escrow Service: To ensure the security of transactions and make sure the seller deposits the crypto while the buyer also pays for it without one party defaulting, Binance provides an escrow service where the cryptocurrency being sold is held in escrow until the buyer confirms receipt of payment.
• User Ratings and Reviews: Both buyers and sellers on Binance are rated by their counterparts based on their transaction history and behavior, helping to establish trust within the platform. So if you were partially satisfied with a trader, you can rate them.

Why is Binance Not Working in Nigeria?

Binance provides a convenient and secure platform for interested individuals to trade cryptocurrencies directly with each other, offering flexibility in terms of payment methods and currencies supported.

For a long time, Binance became a popular choice for users seeking to buy or sell cryptocurrencies in a peer-to-peer manner, until the Federal Government of Nigeria accused the platform of engaging in foreign exchange rate manipulation through currency speculation and rate fixing. Binance had no choice than to discontinue all Nigerian services on the platform including deposits and withdrawals, leaving Nigerian traders to find alternative ways to trade their digital assets.

Now, Binance is no longer working in Nigeria.

An Alternative to Binance

Dtunes is the best alternative to Binance since Binance is not working in Nigeria. This cryptocurrency and gift card exchange platform offers the best rate, fast transactions, 24/7 customer support, and a seamless and secure platform to trade compared to any other platform.

Dtunes is a prominent cryptocurrency exchange platform based in Nigeria, and its user-friendly interface is what makes it easy to use for both crypto newbies and expert traders.

Join Dtunes Community

Dtunes offers a community for crypto enthusiasts or people who are looking to stay connected with other people who are interested in the crypto space, participate in discussions, and stay updated on recent news and developments in the crypto and gift card industry.

Here’s how you can join the Dtunes community:

• Social Media Platforms: Dtunes maintains active accounts on popular social media platforms such as X, Facebook, Instagram, and LinkedIn.

Search for Dtunes’ official accounts on these platforms and follow or join them to become a part of the community. You can engage with other users, participate in discussions, and receive updates directly from Dtunes.

Follow Dtunes on:

Instagram: https://www.instagram.com/dtunes.ng?igsh=dG9kdDdrb3BkeXl1  

X: https://x.com/dtunesng?s=21&t=TD4IxRFwC0PkfBMoB_UR1w 

Facebook: https://www.facebook.com/DtunesApp?mibextid=LQQJ4d

Telegram: Telegram is a popular messaging app widely used by cryptocurrency communities to facilitate discussions and share information.

You can join the Telegram channel to stay abreast about the latest happening within the crypto market.

Join here: https://t.me/DtunesApp

Conclusion

Even though Binance has been around in Nigeria for quite some time, it has served its purpose and it’s high time we embraced other options. Other platforms like Dtunes have proved themselves worthy to be a good alternative to Binance especially in terms of security, better rates, user-friendly interface and lots more.

You’ll realize that Binance’s exit from Nigeria has led to new innovations, and one thing about new projects and innovations is that they tend to be better and supersede previous ones.

It is important to choose an exchange that meets your requirements and is not difficult to navigate.

We hope your question as to why Binance is not working in Nigeria has been answered, and you can make better informed decisions, moving forward.

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