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Binance, the biggest cryptocurrency exchange firm, has expanded its access to cut across several African countries, including Ghana, Tanzania, Uganda, and Zambia
This new service was introduced following various restrictions and regulatory challenges by countries like Nigeria where it had faced major tax evasion dispute with authorities.
In February 2024, Binance suspended its peer-to-peer trading services in Nigeria, marking a clear shift in its regional strategy.
The access introduced last week would allow users to buy and sell cryptocurrencies directly through their mobile money accounts without requiring internet access.
The crypto platform revealed that the move aimed to enhance financial inclusion and provide easier access to digital assets across the African continent.
Reacting to the development, the President of the Blockchain Technology Association of Nigeria, Obinna Iwuno, noted that Binance had not had a fair share of experience in Nigeria, making it difficult for the company to introduce new features and services.
Acording to him, “Defined regulations give operators the confidence to innovate, operate, or even introduce new products.
“Currently, I am uncertain if Binance has any representatives in Nigeria. Typically, when new features are introduced, there is a need to educate the public, especially in a significant market like ours."
He also noted that Binance’s One Click Buy and Sell service presents a valuable tool for enhancing financial inclusion.
“The introduction of OCBS in these countries will help deepen financial inclusion. Nigeria cannot afford to be playing catch-up in Africa,” Iwuno added.
In March, Nigeria filed tax evasion charges against Binance and detained two executives, Nadeem Anjarwalla and Tigran Gambaryan.
However, Anjarwalla escaped and fled the country later that month.
In a subsequent development, a June court ruling cleared both executives of the tax evasion charges, but the government has not released Gambaryan from custody.
