Does Binance Work in Nigeria? (2025 Update)

Cryptocurrency is huge in Nigeria.

It is one of the top countries in terms of crypto adoption in the world. So it’s not surprising Binance provided support for the region pretty early. 

The platform has had its ups and down in Nigeria, so if you’re here, you’re definitely asking the question: “Does Binance still work in Nigeria?”

Updated blockchain and cryptocurrency laws, regulations by the  Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) since 2023, has altered the way Nigerians can interact with Binance.

In this article, we’ll discuss what aspects of Binance still work in Nigeria in 2025 and what doesn’t.

Is Binance Still Available in Nigeria?

Binance first offered support for Naira to crypto pairs in 2019 and subsequently Naira for peer-to-peer trading in 2020, the first African country to achieve this feat.

Nigerian laws and regulations around the cryptocurrencies and the blockchain in general during this time were not comprehensive and there were a lot of grey areas.

Nigerians were able to freely use Binance’s full capabilities during this period. 

Then, in 2021, for the first time, the Central Bank of Nigeria stopped commercial banks from facilitating crypto currency related transactions, citing links with fraud and the fall in the value of the Naira as the main reasons.

This ban not only affected how Nigerians used Binance but every other exchange and cryptocurrency in general.

In 2023, the new governor of CBN, reversed this ban and once again Nigerians were able to use Binance and crypto in general freely. This did not last long though.

In February 2024, Binance suspended Naira trades on P2P, local telecom services blocked access to many crypto related websites and exchanges, Binance included and other popular cryptocurrency exchanges.

So, to Answer the Question: Does Binance work in Nigeria?

While the Binance domain is blocked for Nigerian users, P2P support for Nigerians is suspended and some other Binance functionalities like blocked access to token airdrops are not available, Nigerians can still technically own a Binance account and withdraw funds in crypto to an external wallet. 

How are Nigerians Using Binance in 2025?

Binance still works for crypto to crypto transactions for Nigerian users.

While the domain is inaccessible, some people still make use of VPNs to access the web platform.

They are able to make crypto deposits (Naira deposits suspended), trade crypto and withdraw crypto to another wallet. 

Every other incentive, tokens airdrops, card/fiat payments etc have been suspended for Nigerian users.

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What has Changed: Binance Restrictions in Nigeria

Since Binance first offered Naira deposits and supported Naira-crypto pairs in 2019, a couple of things have changed.

1. Telecom Domain Restrictions

This is the first restriction layer. Many telecom providers blocked access to the Binance domain and related subdomains within Nigeria.

Many people however, go around this with VPNs but this is sketchy and may also mess with some of the Binance web platform.

2. Restricted P2P

Binance, on their end, have restricted peer-to-peer trades by removing the crypto-Naira pair in their P2P marketplace.

Traders have now opted to carry out P2P trades on other platforms like Paxful or Bybit.

3. Local Banks Limitations

Commercial banks in Nigeria have also taken steps to freeze accounts believed to be related to trading cryptocurrencies with Binance.

Why Binance May not be the Perfect Fit for Nigerians Anymore

Some Nigerians still use Binance but in 2025, it’s clear that it no longer meets the specific needs of the Nigerian crypto market. Here are five reasons why Binance may not be the perfect fit for Nigerians anymore:

1. Legal Battles

Since 2023, Binance and the Nigerian government have been to court multiple times.

Nigeria is suing for economic damage, devaluating the Naira via their peer-to-peer marketplace and also for tax evasion in the region.

That kind of exposure makes future operations in Nigeria highly unpredictable.

2. No Direct Naira Support

Binance officially disabled all Naira deposit and withdrawal and removed every Naira-crypto pair from its P2P marketplace. 

Everything now is crypto-to-crypto and requires the extra step of external platforms for fiat cash-out.

3. Platform Access is Flaky and Insecure

Internet Service Providers in Nigeria now block access to Binance domains outright.

Many people rely on VPNs to log in, which can introduce instability, broken features, and security risks on the web platform. 

4. Restricted Access to Platform Incentives

Nigerian Binance accounts no longer qualify for airdrops, card services, or regional promotions.

All those little perks that once gave you real value are now offline. Meanwhile, other regions still enjoy full benefits.

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Alternatives to Binance for Nigerians

As a result of the numerous limitations, using Binance in Nigeria now is clearly a hassle.

Here is a list of the best alternatives to Binance for NIgerians:

1. Breet

Breet is the best site to sell Bitcoin in Nigeria.

It is an OTC trading platform for people in Nigeria and Ghana.

It makes crypto to local currency withdrawals extremely straight forward.

No need for chatting with traders on P2P marketplaces or worrying about scams. Trades are super fast and the rates are the best.

Breet currently has over 250,000 active users on its mobile and web platforms. 

It is perfect for regular users, freelancers and businesses who just need to cash out their crypto or create and send out crypto invoices with minimum drawbacks

2. Bybit

Bybit is a more direct alternative to Binance. It is a centralised cryptocurrency exchange with most of the functionality Binance offers.

Advanced crypto trading, peer-to-peer marketplaces and a wide variety of supported crypto currencies on different blockchain networks.

While it is very similar to Binance and has been subject to the previous domain blocking in the region and losing its license in Nigeria in 2024, it has not faced the same level of scrutiny that Binance faced.

It, however, does not support direct Naira deposits or withdrawals.

3. Paxful

This is a platform similar to Binance P2P but with its peer-to-peer marketplace as its major functionality.

It is global, operational in over 140 different countries and millions of active users.

While it is a working alternative to Binance for users in Nigeria, it still comes with the risks related to peer-to-peer trading like fraudulent traders and incomplete funds.

4. KuCoin

KuCoin is another centralised exchange that is still operational in Nigeria.

It supports many of the functionalities other CEXs like Binance or Bybit offers including trading and a peer to peer marketplace.

Safety Tips for Crypto Users in Nigeria

With the restrictions on Binance, more Nigerian users have turned to other platforms for their specific trade and withdrawals needs. It’s important to consider the following best practices while interacting with these platforms:

1. Enable 2FA: It’s important to enable two-factor authentication on any platform you manage your funds on. To reduce the risk of easy hacks and stolen funds.
2. Third Party Binance Agents: Do not trade with third party individuals or bodies claiming to be affiliated with Binance to help you withdraw your crypto for discounted prices on telegram or discord. If it’s too good to be true, it probably is.
3. Look out for Phishing Links: As Binance is currently restricted, many malicious platforms may pop up with a very similar domain replacing similar letters to make it harder to spot like “blnance”. Scammers use this sort of phishing links to steal logging credentials with smart social engineering emails.
4. Use Only Verified P2P Traders: When using other P2P platforms that may have a less robust P2P trader verification system, make sure to only attempt to trade with traders that have been verified by the platform.

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Conclusion

Binance hasn’t completely left Nigeria, but it’s far from the seamless experience it used to be. 

Direct Naira transactions, P2P with Nigerian currency, and several incentives like token airdrops and TGE events are gone.

The web platform itself is blocked by local telecom providers, and access now often requires workarounds like VPNs, which aren’t perfect. 

What still works is crypto-to-crypto trading and withdrawals to external wallets. 

For most Nigerians, Binance is no longer for everyday trading or cashing out crypto via P2P. Other platforms  like Breet, Bybit, Paxful, or KuCoin have stepped in to fill those gaps in their own ways. 

FAQs on Does Binance Work in Nigeria?

Can I withdraw from Binance in Nigeria?

Yes, you can withdraw from Binance in Nigeria, but with certain limitations. Due to regulatory restrictions, direct Naira withdrawals to Nigerian bank accounts via Binance are currently unavailable. However, users can still convert their crypto to stablecoins like USDT and use peer-to-peer (P2P) trading to sell crypto for Naira. After selling on P2P, the buyer transfers the Naira directly to your local bank account.

What is the issue with Binance in Nigeria?

The issue with Binance in Nigeria stems from regulatory concerns. In early 2024, Nigerian authorities restricted access to Binance’s website and began cracking down on crypto platforms over alleged manipulation of the foreign exchange market. As a result, Binance suspended Naira services, including direct deposits and withdrawals. Despite this, Nigerian users can still access Binance using alternative methods and trade through P2P.

How much is $1 to Naira on Binance?

The exchange rate of $1 to Naira on Binance varies depending on the peer-to-peer (P2P) market rates. As of now, the rate typically ranges between ₦1,400 to ₦1,600 per dollar, but it can fluctuate daily based on demand and supply. To get the exact rate, check the Binance P2P marketplace for current USDT/NGN prices.