Crypto Binance has added its first fiat currency trading pair. Nigerian users of the platform can now deposit using their local currency, Naira, at the popular cryptocurrency trading site.
Previously, platform users could only exchange cryptocurrencies for other cryptocurrencies. However, this will change with today's announcement and the fact that Binance CEO Changpeng Zhao has indicated that the exchange is also close to being able to add more fiat currencies.
Binance supports the growing crypto currency market in Nigeria
Previously, NewsBTC reported on the growing interest in crypto assets that are seen in parts of Africa. LocalBitcoins volume data, provided by the useful Tulip. Show that Nigeria is one of the nations with the greatest appetite for the digital currency trade in the continent.
With an announcement made by Bynes today, merchants of crypto assets in Nigeria have become the first in the world to deposit their national currency on an exchange platform.
According to a publication of the company's support section. The online payment company Flutterwave will facilitate Nigerian Naira deposits (ticker: NGN). Initially, trade in the Nigerian national currency will be limited to Bitcoin (BTC), Binance Coin (BNB) and the crypto exchange's own stable BUSD currency.
The exchange announced promotions to mark its first fiat currency list:
"To celebrate the first listing of Fiat currency in Binance, all newly registered users who send NGN to Binance through Flutterwave will enjoy zero fees for deposits of up to 36,000 NGN as of October 24,000, 2019." Binance CEO Changsheng Zhao promoted the announcement today through his own Twitter account. The message with the initial publication of the exchange was:
"You know what happens next, don't you?" Before …
Given the large number of dark digital assets listed on Binance. The company has so far failed to offer anything other than the crypto-to-crypto trade. Meanwhile, exchanges that provide deposits in other currencies, such as conbase, cracken or bitstamp, only support the trade of a small number of the most established cryptocurrencies. Regulatory uncertainty is a challenge in the case of an application, or for the addition of more than one cryptocurrency, in the case of fiduciary to crypto exchanges. In fact, earlier this year, US regulators. UU. They questioned Binance. This forced the exchange to cease operations and launch a US division. UU. With a set of crypto assets very small to trade with users.
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