Binance has reportedly been the world’s largest P2P cryptocurrency exchange company since it came to the limelight. Per several reports, the Binance P2P marketplace supersedes other cryptocurrency companies with an impressive daily crypto exchange score that is worth about $76 bn.
In Africa, the Binance user base keeps adding up — millions of Nigerians have reportedly patronised the Binance P2P exchange service. Per the Chainalysis report, more Nigerian crypto users have focused their transactions with Binance that contributing to $105.6bn worth of revenue generated in Africa as a whole.
Chainalysis report was compiled since the COVID-19 outbreak till date with roughly 1,200% percent while Nigerian crypto users contributed 2% above other Africans. Binance lucrative P2P platform will continue to bolster its major features including decentralization of cryptocurrencies, the blockchain network, and digital currency as a whole.
Despite Binance’s lucrative global performance, the crypto exchange company intends to focus its operations in Africa aiming to improve Africans indulged with its P2P services. Still, Binance acknowledges the regulatory body that over-watch the African cryptocurrency exchange market.
Remember, the likes of Nigeria and Kenya have reportedly placed restrictions on cryptocurrencies to curb illegal exchange. Nigeria also retracted the crypto ban — the Nigerian government claimed the ban was an avenue to endorse proper research about cryptocurrency development. Now, Nigerian is the first African country to accredit its first digital coin “e-Naira” as an official legal tender.
The increase in cryptocurrency grows massively and its adoption has reportedly raised concerns about regulating the digital institution. Binance chief executive Changpeng Zhao commends regulating cryptocurrency exchange as a decentralized institution whereby diverse regional regulatory systems either from Asia, Europe, or Africa should collaborate with a unified regulatory standard.
Per Changpeng Zhao’s comments that suggested regulatory systems should be implemented fairly whereby the likes of Binance and other crypto companies are entitled to pay a token to regulatory systems to ensure growth and innovation. Cryptocurrency users’ interests will also be a priority. Binance CEO also tackled the African-based rigid regulatory systems that hinder both digital economic growth and innovation.
With Binance aside, several other cryptocurrency exchange companies have been scrutinized either by local and international regulators to ensure legitimacy in the cryptocurrency exchange marketplace. African regulatory systems are too rigid, especially the Nigerian government and its Federal Bank institution that mandated a restrictive policy on commercial banks to abstain from exchanging cryptocurrencies.
Despite Nigerian representing the entire African digital exchange marketplace, its rigid approach towards regulating digital currency has reportedly influenced Binance to establish its first fiat gateway in Uganda also-known-as Binance Uganda. Changpeng highlighted the potential P2P exchange African market exhibit that poses as a digital phenomenon in the nearest future.
Binance Chief Executive Changpeng Zhao Acknowledges Regulatory and Platform’s Activities in Africa.
Nigeria was Changpeng’s target to uplift other African countries with P2P exchange.
Binance has reportedly been the world’s largest P2P cryptocurrency exchange company since it came to the limelight. Per several reports, the Binance P2P marketplace supersedes other cryptocurrency companies with an impressive daily crypto exchange score that is worth about $76 bn.
In Africa, the Binance user base keeps adding up — millions of Nigerians have reportedly patronised the Binance P2P exchange service. Per the Chainalysis report, more Nigerian crypto users have focused their transactions with Binance that contributing to $105.6bn worth of revenue generated in Africa as a whole.
Chainalysis report was compiled since the COVID-19 outbreak till date with roughly 1,200% percent while Nigerian crypto users contributed 2% above other Africans. Binance lucrative P2P platform will continue to bolster its major features including decentralization of cryptocurrencies, the blockchain network, and digital currency as a whole.
Despite Binance’s lucrative global performance, the crypto exchange company intends to focus its operations in Africa aiming to improve Africans indulged with its P2P services. Still, Binance acknowledges the regulatory body that over-watch the African cryptocurrency exchange market.
Remember, the likes of Nigeria and Kenya have reportedly placed restrictions on cryptocurrencies to curb illegal exchange. Nigeria also retracted the crypto ban — the Nigerian government claimed the ban was an avenue to endorse proper research about cryptocurrency development. Now, Nigerian is the first African country to accredit its first digital coin “e-Naira” as an official legal tender.
The increase in cryptocurrency grows massively and its adoption has reportedly raised concerns about regulating the digital institution. Binance chief executive Changpeng Zhao commends regulating cryptocurrency exchange as a decentralized institution whereby diverse regional regulatory systems either from Asia, Europe, or Africa should collaborate with a unified regulatory standard.
Per Changpeng Zhao’s comments that suggested regulatory systems should be implemented fairly whereby the likes of Binance and other crypto companies are entitled to pay a token to regulatory systems to ensure growth and innovation. Cryptocurrency users’ interests will also be a priority. Binance CEO also tackled the African-based rigid regulatory systems that hinder both digital economic growth and innovation.
With Binance aside, several other cryptocurrency exchange companies have been scrutinized either by local and international regulators to ensure legitimacy in the cryptocurrency exchange marketplace. African regulatory systems are too rigid, especially the Nigerian government and its Federal Bank institution that mandated a restrictive policy on commercial banks to abstain from exchanging cryptocurrencies.
Despite Nigerian representing the entire African digital exchange marketplace, its rigid approach towards regulating digital currency has reportedly influenced Binance to establish its first fiat gateway in Uganda also-known-as Binance Uganda. Changpeng highlighted the potential P2P exchange African market exhibit that poses as a digital phenomenon in the nearest future.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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