Binance
What it does
Binance is the world's largest cryptocurrency exchange by trading volume. Founded in 2017 by Changpeng Zhao, it serves over 200 million users globally. In Nigeria, Binance has been one of the most popular crypto platforms despite regulatory challenges. In February 2024, Nigerian authorities detained two Binance executives (Tigran Gambaryan and Nadeem Anjarwalla) over allegations of tax evasion and currency manipulation, with Gambaryan held for months before being released. The Nigerian government alleged that Binance facilitated over $26 billion in untraceable transactions. Nigeria has since moved to license crypto exchanges under SEC regulation.
crypto-exchange
Known for
- World's largest crypto exchange by volume
- Strong Nigerian user base — Nigeria consistently among top P2P markets
- BNB native token
- Binance P2P marketplace popular in Nigeria
- Binance Academy educational platform
- Regulatory challenges with Nigerian government (2024 executive detention)
Model & industry
Marketplace / Aggregator modelInvestment & Capital Markets
Products & subsidiaries
Binance Spot Trading · Crypto ExchangeBinance P2P · P2P MarketplaceBinance Futures · Derivatives TradingBNB Chain · BlockchainBinance Pay · Crypto Payments
Initiatives & programs
- Binance Charity: Philanthropic arm focused on blockchain-powered donations, including initiatives in Africa.
- Binance Academy: Free crypto education platform available globally including Nigeria.
In the News
- 2024-10 · Binance executive Tigran Gambaryan released from Nigerian custody after months of detention · Reuters
- 2024-02 · Nigeria detains two Binance executives over alleged $26 billion in untraceable transactions · Reuters
- 2024-11 · Nigeria's SEC introduces regulatory framework to license crypto exchanges including Binance · Bloomberg