Leading cryptocurrency exchange Binance has launched fiat-to-crypto trading on its platform by listing the legal currency of the Federal Republic of Nigeria, the Naira (NGN).
According to the exchange’s announcement, Binance users can now deposit the Nigerian Naira on the exchange through Flutterwave, a U.S.-based payments tech firm. The maximum amount that can be deposited per transaction is of 430,000 NGM per transact (around $1,185), and the minimum if of 150 NGN (around $0.41).
Binance has a 1.4% deposit fee on NGN deposits, and created trading pairs between its BUSD stablecoin and NGN, as well as BNB/NGN and BTC/NGN trading pairs. Presumably to attract deposits, it’s offering zero-fee deposits up to 36,000 NGN for newly registered users.
The crypto exchange’s CEO, Changpeng Zhao, revealed days ago the exchange was set to add fiat-to-crypto trading pairs, but said the first fiat currency to be listed would likely be the Russian ruble.
Binance was until now a pure crypto-to-crypto trading platform that offered its users various stablecoins and ways to buy cryptocurrency via wire transfer or with their credit cards. Adding fiat-to-crypto trading will likely help it onboard new users into crypto.
It has also launched various local fiat gateways, including one in Uganda, one in Jersey, and one in the United States. Its US platform recently added Federal Deposit Insurance Corporation (FDIC) coverage for its USD deposits.