Binance Expands Crypto Services to Ghana and Uganda, Excludes Nigeria

Binance, the world’s largest cryptocurrency exchange, has launched its new One Click Buy and Sell service in several African countries, including Ghana, Tanzania, Uganda, and Zambia. However, Nigeria has been excluded due to ongoing regulatory challenge

The new service allows users in these countries to buy and sell cryptocurrencies directly through their mobile money accounts, even without internet access. This move is part of Binance’s efforts to improve financial inclusion and make digital assets more accessible across Africa.

Challenges in Nigeria:

While Binance is expanding in other African markets, it faces significant obstacles in Nigeria. The exchange has been in disputes with Nigerian authorities over alleged tax evasion. Earlier this year, in February 2024, Binance suspended its peer-to-peer trading services in Nigeria, signaling a change in its strategy for the region.

Expert Insight

Adedeji Owonibi, a blockchain expert, explained that countries with clear regulations are more likely to benefit from the rapid growth of blockchain and Web3 technologies. He noted that well-defined regulations give companies the confidence to innovate and introduce new products. Given Binance’s recent issues with the Nigerian government, Owonibi believes that the exchange is unlikely to launch new features in Nigeria soon.

Conclusion:

Binance’s decision to exclude Nigeria from its latest service offering highlights the ongoing regulatory challenges in the country. Meanwhile, other African nations like Ghana and Uganda are benefiting from the exchange’s focus on expanding access to digital currencies.