Binance which has been increasing its spread round africa recently introduced naira deposits and trading peers, meaning you can use your debit cards to buy Cryptocurrencies on Binance now..
This Binance Naira integration is not surprising, some months after Binance copped Micrtotraction’s Yele Badamosi as a Director in Binance Labs West Africa, so alot is going to definitely come in terms of making trading of cryptocurrencies easier for Nigerians,West Africa and Africa as a whole
Image source: @Fonyeoziri/Twitter
Things You Should Know About The Binance Naira Integration
1. Binance is using a payment gateway, Flutterwave, one of the leading naira payment gateways used by many fintech solutions
2. New Pairs of BNB/NGN, BUSD/NGN ,BTC/NGN have been introduced
3. You can now seamlessly fund your Binance wallet with naira, this reduces cost of transactions as you dont need to source for bitcoin or other cryptocurrencies first for funding
4. There is currently no news on withdrawals in Naira
5. The minimum deposit is N150 while the maximum Deposit is N430,000 ( hopefully KYCs should help increase this limit)
6. Binance made NGN deposits temporarily free up to 36,000 NGN (about $100) starting on Oct. 24. while transactions above this attract a 1.4% transaction fee
What Binance’s Naira Introduction Will Affect.
This would surely affect many bitcoin wallets that use wallets to buy their bitcoin or ethereum before moving it to binance as this gap has been filled.
We would update you as we get more information .