Binance, the largest cryptocurrency exchange, mentioned that Nigeria is not one of its most important markets yet, despite having great potential.
Binance made this statement in a release on Thursday.
However, it emphasized its commitment to investing in Nigeria and encouraging financial inclusion.
The platform restated its dedication to promoting the responsible expansion of cryptocurrency in Nigeria.
Nigeria ranks second in global grassroots crypto adoption according to Chainalysis’ 2023 ranking, and over one-third of the population is estimated to use digital assets.
Binance stated, “Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential, and we hope to continue to invest there.
“In recent years, Africa’s most populous country and largest economy, has seen tremendous growth in crypto adoption and usage, as digital assets deliver value and improve the lives of many Nigerians.”
Binance had a disagreement with Nigerian authorities and suspended naira-to-dollar exchange services after being accused of manipulating the country’s foreign exchange rate.
It has not reinstated these services in Nigeria but intends to engage constructively in the future to ensure the prosperity of all Nigerians.
According to Binance, limited access to traditional financial services can marginalize underserved communities. “At Binance, increasing financial inclusion is an important goal for us.”
The exchange explained that blockchain technology and digital assets can help address the digital divide.
“Our hope is that we can support the continued growth of crypto so that it can support people, while we work collaboratively with law enforcement around the world to ensure the financial system is safe,” the platform stated.
