Binance Adds a Fiat-To-Crypto Gateway for Nigeria’s Naira (NGN)
The addition of a fiat-to-Crypto gateway for Nigeria’s Naira is the beginning of an entirely new phase for Binance. It marks the beginning of Binance, adding Sub-Saharan fiat pairs. The Company released a statement that there will also be an introduction of gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES). During the launching of the gateway, Binance restricted the Nigerian trading pairs to BUSD/NGN, BNB/NGN, and BTC/NGN. For the trading, investors can deposit between 150 NGN (about $0.4) and 430 NGN (about $1,200) for a fee of 1.4%.
The trading will be facilitated by the payment network Flutterwave. The listing of NGN on Binance shows that Cryptocurrency trading has really taken root in Nigeria. The users of the fiat-to-Crypto gateway by Binance can deposit NGN and use it to purchase BUSD, BNB, and BTC.
NGN Fiat-To-Crypto Gateway Promo
Binance also introduced a zero fees promo on NGN deposits on the platform. From October 23, 2019, newly registered users that deposit NGN to Binance through Flutterwave will enjoy zero fees, but the deposit has to be up to 36, 000 NGN. Binance has earmarked a total of 10,000 USD worth of NGN for newly registered users across the globe. For all users of the Binance NGN fiat-to-Crypto gateway platform, you need to note the following important points:
- NGN is strictly the legal tender of the Federal Republic of Nigeria and NGN is also the currency code, not the digital currency code.
- All NGN deposit fees are set at 1.4%, and the maximum deposit amount per transaction is 430,000 NGN.
- The minimum deposit amount stands at 150 NGN
- Rewards will be distributed the day after you have made your deposit on the platform, before 7:00 AM UTC.
- You can check your prize by visiting the Distribution History > Wallet > Account Center
- The exchange rate between USD and NGN will be determined by the intermediate exchange rate.
Binance OTC Facilitated Fiat Currency Gateways
He Yi, the co-founder and Chief Marketing Officer of Binance, had in September during the Shanghai Blockchain week that the exchange will support fiat on-ramp through OTC for the Chinese Yuan. Yi said that the OTC payment service is to allow users from about 170 different countries to purchase Crypto assets using fiat currencies. In China, fiat-to-Crypto OTC trading has been instrumental for Crypto traders based in China, in terms of the fiat on-ramp.
Binance has also introduced a dollar-based stablecoin known as Binance USD, and the Company said it received approval from the New York Department of Financial Services (NYDFS).
The addition of fiat-to-Crypto gateway for NGN will greatly open up Cryptocurrency trading in Nigeria and Africa at large. As an existing trader or potential investor, you need to understand that the Cryptocurrency market is highly volatile. The bear and bull runs seem to change positions constantly, hence you need to know what you are getting into. No matter what you read on the internet, always create time to carry out your research before committing your money.