Despite the restrictions by various government, Binance sees over 2000% growth in P2P users in 4 months
A recent report from Binance, a leading crypto exchange platform, shows a rise in the number of African users on its platform.
In February this year, the Central Bank of Nigeria (CBN), in a statement, prohibited banks and financial institutions from facilitating payments for cryptocurrency exchanges.
Ghana’s Securities and Exchange Commission (SEC) has also warned residents to avoid cryptocurrency transactions of any form. In the warning, the regulator reiterated that “cryptocurrencies are illegal in the country and are not regulated by the commission; hence Ghanaians should stay away from them.”
Despite all these warnings, Binance recorded an increase of 2228.21% in P2P users on the platform and 386.93% in P2P volumes across Africa.
The trading volume of crypto-crypto transactions also increased by 28.61% between January and April 2021.
The platform also recorded a 114.33% increase in users across Africa between January and April 2021.
Binance’s growth is not coming as a surprise. The crypto exchange platform invested in Nigerian startup Xend Finance to increase its presence in Africa.
Even though Binance’s African operations are doing well, it is the same for its US business.
The US Justice Department and Internal Revenue Service is investigating the startup. The investigation is to determine whether its citizens are using the platform’s services to fund illicit activities and evade taxes.
