Major cryptocurrency exchange Binance announced that it opened deposits for fiat currency the Nigerian Naira.
Major cryptocurrency exchange Binance announced that it opened deposits for fiat currency Nigerian Naira (NGN) on Oct. 24.
Binance adds three new NGN trading pairs
Per the announcement, NGN deposits will be processed by online payments processor Flutterwave and the exchange is also adding three new trading pairs: USD/NGN, Binance Coin/NGN and Bitcoin/NGN.
To promote the use of the newly supported currency on the firm’s trading platform, Binance made NGN deposits temporarily free up to 36,000 NGN (about $100) starting on Oct. 24.
For ineligible deposits, the fees on NGN will be set at 1.4%. The maximum allowed deposit is 430,000 NGN ($1,191), while the minimum is 150 NGN ($0.42).
“This is the first fiat trading pair on [Binance.] You know what it happens next, right? First leads to more…”
Other new pairs from Binance and elsewhere
Binance also recently announced that it will soon add support for fiat trading, starting with the Russian ruble. Those initiatives build on a broader effort by the exchange, which first disclosed in January the intention to expand to eight new countries this year by establishing multiple fiat exchanges.
Singapore-based crypto exchange Huobi announced earlier this month that it will launch a fiat gateway for the Turkish lira in late 2019.