Binance — review & details

In Crypto exchanges · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

The world's largest exchange by volume — but it discontinued ALL naira services in March 2024 after its dispute with the Nigerian government, and that remains the position. For Nigerians it now functions only as a global, USDT/stablecoin-based platform with no NGN deposits, withdrawals or P2P.

Binance

The world's largest exchange by volume — but it discontinued ALL naira services in March 2024 after its dispute with the Nigerian government, and that remains the position. For Nigerians it now functions only as a global, USDT/stablecoin-based platform with no NGN deposits, withdrawals or P2P.
★★★★☆
3.7/5 · How we rate
None — NGN P2P delisted 28 February 2024, NGN spot pairs 7 March 2024, NGN withdrawals ended 8 March 2024, remaining balances force-converted to USDT (per Binance's own announcement)
Ngn Support
On-platform trading is instant; getting naira in or out requires a separate local on/off ramp
Speed
No Nigerian licence; legal proceedings with Nigerian authorities were still ongoing as of 2026
Licence/ Registration
Experienced users who already hold stablecoins and want global liquidity — not for naira on/off ramping
Best For
Global exchange (no naira services)
Type
Pros
  • Deepest liquidity and widest product range of any global exchange
  • Usable as a USDT/stablecoin trading venue once funds are already in crypto
  • Extensive published fee schedules and proof-of-reserves reporting
Cons
  • No naira services at all since March 2024 — you cannot deposit, withdraw or P2P-trade NGN on Binance
  • Unresolved regulatory and legal history with the Nigerian state, and past telecom-level blocks on access from Nigeria
  • No SEC Nigeria licence, no local recourse, and crypto held there is volatile and outside any investor-protection scheme
Fees, eligibility & documents
Fees
Trading feesStandard maker/taker schedule; but any naira conversion must happen on a separate platform, and that leg carries its own spread
Eligibility
  • Aged 18+ with full Binance KYC
  • Must already have crypto/stablecoins — there is no naira funding route
  • Confirm site access from your network, given past ISP-level blocks in Nigeria
Documents needed
  • Government-issued photo ID
  • Selfie/liveness verification
  • Proof of address for some features
Visit Binance

How Binance compares in crypto exchanges

Binance scores 3.7/5 in our crypto exchanges rankings. Our current top pick is Quidax (4.4/5). Always compare a few before you decide — see the full crypto exchanges comparison.

Binance
3.7/5 · this page
 Quidax
4.4/5
 Busha
4.2/5
Ngn Support None — NGN P2P delisted 28 February 2024, NGN spot pairs 7 March 2024, NGN withdrawals ended 8 March 2024, remaining balances force-converted to USDT (per Binance's own announcement) — —
Speed On-platform trading is instant; getting naira in or out requires a separate local on/off ramp — —
Licence/ Registration No Nigerian licence; legal proceedings with Nigerian authorities were still ongoing as of 2026 — —
Best For Experienced users who already hold stablecoins and want global liquidity — not for naira on/off ramping Local, regulated buying Simple naira buying
Visit Binance → Visit Quidax → Visit Busha →

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Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.