Binance exit sparks fears and opportunities in Nigeria’s crypto community
According to local crypto stakeholder Nathaniel Luz, Nigeria’s crypto ecosystem will see the rise of new crypto exchanges that will fill the vacuum created by Binance’s exit.
Local cryptocurrency stakeholders have lamented the current ban on Binance naira operations in Nigeria, stating it will affect the means of livelihood of many Nigerians and may increase youth unemployment in the country.
In separate interviews with Cointelegraph, local crypto stakeholders said the delisting of naira-related services from Binance will lead to the rise of new crypto exchanges, who will fill the vacuum created by Binance’s exit, while figuring out a way to remain compliant with local regulations.
The CEO of Flincap, a liquidity platform for crypto exchanges, Nathaniel Luz, said that several Nigerian traders make a living from trading P2P on Binance, that are now affected. However, they’ve currently resulted in trading on WhatsApp and Telegram groups.
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