Amid ongoing regulatory challenges in Nigeria, Binance, the world’s largest cryptocurrency exchange, has launched its One Click Buy and Sell service in several African countries, including Ghana, Tanzania, Uganda, and Zambia.
This service, introduced last week, allows users to buy and sell cryptocurrencies directly through their mobile money accounts, even without internet access.
Binance revealed that the initiative is part of its efforts to enhance financial inclusion and provide easier access to digital assets across the African continent. A spokesperson for the company explained, “This move is intended to bridge the financial gap in these regions by offering more accessible cryptocurrency services.”
However, the launch comes at a time when Binance is facing significant hurdles in Nigeria, where it has been embroiled in disputes with authorities over alleged tax evasion. Earlier this year, Binance suspended its peer-to-peer trading services in Nigeria, signaling a shift in its regional strategy.
Reacting to the development, the President of the Blockchain Technology Association of Nigeria, Obinna Iwuno, remarked, “Binance has not had a smooth experience in Nigeria, making it challenging for the company to introduce new services and features. Defined regulations give operators the confidence to innovate, operate, or even introduce new products.”
Iwuno emphasized the potential benefits of the One Click Buy and Sell service, particularly for financial inclusion in Africa. “The introduction of this service in these countries will help deepen financial inclusion. Nigeria cannot afford to be playing catch-up in Africa,” he noted.
He further highlighted the importance of mobile money in rural areas, which does not require internet access, making it a vital financial tool for the unbanked and underbanked populations. “This is a missed opportunity for Nigeria,” Iwuno concluded, stressing the potential advantages of embracing such technologies.
In March 2024, Nigeria filed tax evasion charges against Binance and detained two executives, Nadeem Anjarwalla and Tigran Gambaryan. Although Anjarwalla later escaped the country, a June court ruling cleared both executives of the charges. Despite the ruling, Gambaryan remains in custody, adding uncertainty to Binance’s operations in Nigeria. Meanwhile, Binance’s expansion into other African markets continues, excluding Nigeria from its latest offerings.
