Binance expands crypto access to Ghana, Uganda
As regulatory challenges persist in Nigeria, Binance, the biggest cryptocurrency exchange, has rolled out its One Click Buy and Sell service in several African countries, including Ghana, Tanzania, Uganda, and Zambia.
This new service, which was introduced last week, allows users to buy and sell cryptocurrencies directly through their mobile money accounts without requiring internet access.
The crypto platform revealed that the move aimed to enhance financial inclusion and provide easier access to digital assets across the African continent.
Binance’s decision to focus on those markets comes as the company faces significant hurdles in Nigeria, where it has been embroiled in disputes with authorities over alleged tax evasion.
In February 2024, Binance suspended its peer-to-peer trading services in Nigeria, marking a clear shift in its regional strategy.
Reacting to the development on Monday, the President of the Blockchain Technology Association of Nigeria, Obinna Iwuno, noted that Binance had not had a good experience in Nigeria, making it difficult for the company to introduce new services and features.
He highlighted that countries with clear regulations would benefit more from the rapid innovation occurring in blockchain and Web3 technologies.
“Defined regulations give operators the confidence to innovate, operate, or even introduce new products,” he noted.
Given Binance’s recent suspension of some operations in Nigeria and ongoing issues with the Federal Government, Iwuno believed that the crypto exchange was unlikely to launch new features in Nigeria soon.
“Currently, I am uncertain if Binance has any representatives in Nigeria. Typically, when new features are introduced, there is a need to educate the public, especially in a significant market like ours,” Iwuno stated.
He also noted that Binance’s One Click Buy and Sell service presents a valuable tool for enhancing financial inclusion.
“The introduction of OCBS in these countries will help deepen financial inclusion. Nigeria cannot afford to be playing catch-up in Africa,” Iwuno added.
He emphasised the importance of mobile money, particularly in rural areas, which did not require internet access, making it a vital financial tool for the unbanked and underbanked populations.
“This is a missed opportunity for Nigeria,” he concluded, underscoring the potential benefits of embracing such technologies to advance financial inclusion in the country.
In March, Nigeria filed tax evasion charges against Binance and detained two executives, Nadeem Anjarwalla and Tigran Gambaryan.
However, Anjarwalla escaped and fled the country later that month.
In a subsequent development, a June court ruling cleared both executives of the tax evasion charges, but the government has not released Gambaryan from custody.
This situation has cast uncertainty over Binance’s Nigerian operations, particularly given the company’s recent expansion into other African markets, excluding Nigeria.
