Is Binance Banned in Nigeria?

Binance is not formally banned by law in Nigeria — but it no longer supports the Nigerian Naira.

In early 2024, after regulatory action and a public dispute with Nigerian authorities, Binance delisted all NGN trading pairs and discontinued its Naira services. Access to crypto exchange websites was also restricted through internet providers at the time.

Last reviewed: August 2026

What actually happened

2021
The Central Bank of Nigeria directed banks to stop servicing crypto exchanges. Crypto trading continued via P2P, and the restriction was later lifted in December 2023.
February 2024
Regulators accused Binance of contributing to pressure on the Naira. Access to crypto exchange websites, including Binance, was restricted through internet providers, and Nigerian authorities pursued action against the company.
28 February 2024
Binance delisted all NGN pairs from its P2P marketplace.
March 2024
Binance removed NGN from spot trading, Convert and its remaining Naira services, ending NGN support entirely.
2024–2026
Nigeria's SEC moved to regulate the sector through its ARIP framework. Local platforms received approvals-in-principle. CryptoPayAfrica has not found evidence that Binance has restored NGN services.

Is crypto legal in Nigeria?

Yes. Cryptocurrency is not illegal in Nigeria, and buying, selling and holding USDT is not a crime.

Nigeria's Securities and Exchange Commission has introduced a regulatory framework for digital asset service providers (the ARIP — Accelerated Regulatory Incubation Programme), and local Nigerian platforms operate under it.

Regulation continues to evolve, so always check the current status of any platform before using it.

What Nigerians use instead of Binance

With Binance's NGN services gone, most Naira-to-USDT activity has moved to three types of provider:

Direct platforms

Direct

Busha
Quidax
Bitmama

P2P marketplaces

P2P

Bybit
OKX
MEXC
NoOnes

Stablecoin ramps

Stablecoin ramp

Fonbnk
Eversend

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Nigerian regulatory status

Nigeria's Securities and Exchange Commission currently lists Busha Digital Limited - Digital Assets Exchange and Quidax Technologies Limited - Digital Assets Exchange as participants in the Accelerated Regulatory Incubation Program (ARIP).

CryptoPayAfrica does not describe other providers as SEC licensed, Nigerian regulated or approved by the SEC.

Frequently asked questions

Is Binance banned in Nigeria?

CryptoPayAfrica has not found any law that bans Binance by name in Nigeria. However, in early 2024 Nigerian regulators took action against Binance, access to crypto exchange websites was restricted, and Binance discontinued all Nigerian Naira (NGN) services. Whether the Binance platform is usable for you depends on your location, account status and Binance's current terms.

Is cryptocurrency illegal in Nigeria?

No. Crypto is not illegal in Nigeria. The Nigerian SEC has introduced a framework for digital asset service providers (the ARIP — Accelerated Regulatory Incubation Programme), and Nigerian platforms such as Busha and Quidax operate under it. Rules continue to evolve.

Why did Binance stop supporting Naira?

In February and March 2024, amid regulatory pressure and disputes with Nigerian authorities over the Naira's exchange rate, Binance delisted NGN P2P pairs and removed NGN from spot trading, Convert and its other Naira services.

What can Nigerians use instead of Binance for USDT?

Nigeria has SEC-incubated local platforms (such as Busha and Quidax), other global P2P marketplaces (such as Bybit, OKX, MEXC and NoOnes) and stablecoin ramps that support NGN bank-transfer routes for buying and selling USDT.

Continue in the Nigeria section

Nigeria crypto hub

Overview of buying and selling USDT with Naira.

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Buy USDT with Naira bank transfer

Compare direct platforms and P2P marketplaces.

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Sell USDT to a Nigerian bank account

Compare NGN cash-out routes.

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Crypto off-ramps in Nigeria

How the different NGN payout models work.

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Binance NGN status

Why Binance is not listed as an active NGN option.

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CryptoPayAfrica is an independent information and comparison service. We do not exchange cryptocurrency, hold customer funds or execute transactions. Provider availability, fees and exchange rates can change. Always confirm the current terms directly with the provider before transacting.