Binance, the biggest cryptocurrency exchange, said the Nigerian market was yet to become one of its top markets, even though it holds ‘extraordinary potential.’
Binance stated this in a statement released on Thursday.
It, however, noted that it would continue to invest in the country and promote financial inclusion.
The platform reiterated that it was very serious about promoting the responsible growth of crypto in Nigeria.
In Chainalysis’ 2023 ranking of global grassroots crypto adoption, Nigeria ranked second in the world, while several studies have estimated that more than one-third of the population uses digital assets.
Binance stated, “Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential, and we hope to continue to invest there.
“In recent years, Africa’s most populous country and largest economy, has seen tremendous growth in crypto adoption and usage, as digital assets deliver value and improve the lives of many Nigerians.”
The Nigerian authorities recently had a fallout with Binance after it was accused of manipulating the country’s foreign exchange rate. This led the platform to announce a decision to stop naira-to-dollar exchange services.
While it is yet to restore these services it withdrew from Nigeria, the platform said it would continue with constructive engagements in the future, jointly ensuring that all Nigerians prosper.
According to Binance, the lack of access to traditional financial services and features can often leave underserved communities behind. “At Binance, increasing financial inclusion is an important goal for us.”
The exchange explained that blockchain technology and digital assets can play a key role in addressing the issue of the digital divide.
“Our hope is that we can support the continued growth of crypto so that it can support people, while we work collaboratively with law enforcement around the world to ensure the financial system is safe,” the platform stated.