The leading cryptocurrency exchange Binance launches fiat crypto trading on its platform, having flushed the legal currency of the Federal Republic of Nigeria, Naira (NGN).
According to the exchange, Binance users can now list Nigerian Naira on the exchange through U.S. payment technology firm Flutterwave. The maximum amount that can be deposited per transaction is 430 NGM per transaction (approximately $000) and the minimum amount is 1 NGN (approximately $185).
#Binance Lists NGN. Enjoy Zero Fee Depositshttps://t.co/eTbNE0efOI pic.twitter.com/iLxuoTHSKD
- Binance (@binance) October 24, 2019
Binance has a deposit fee of 1,4% on NGN deposits and has created trading pairs between BUSD and NGN stablecoins, as well as BNB / NGN and BTC / NGN trading pairs. Presumably to attract deposits, it offers zero commission deposits up to 36 NGN for new registered users.
Crypto CEO Changpeng Zhao said the exchange was supposed to add pairs with fiat crypto trading a few days ago, but said that the first fiat currency on the list would likely be Russian ruble.
Until now, Binance has been a pure crypto-to-crypto trading platform that has offered its users various stablecoins and ways to buy cryptocurrency by wire transfer or with their credit cards. Adding fiat crypto is likely to help new users into crypto.
It also launched various local fiat gateways, including one in Uganda, one in Jersey, and one in the United States. Its US platform recently added FDIC coverage to its dollar-denominated deposits.