Short answer: Is Binance legal in Nigeria? Owning and trading crypto is legal and regulated by the Securities and Exchange Commission (SEC). But according to the SEC, Binance is not registered or regulated in Nigeria, and the SEC calls its operations in the country illegal. Binance also ended all naira services in March 2024, and it still faces court cases in Nigeria as of October 2026.
Checked: October 2026
This guide explains what the law says, where Binance Nigeria users stand today, what happened to naira on Binance P2P and what to watch out for if you buy or sell crypto in Nigeria. It is general information, not legal or financial advice.
What the law says about crypto in Nigeria
Three rules matter for anyone using crypto in Nigeria in 2026.
The Investments and Securities Act 2025. Signed in March 2025, it replaced the 2007 law and treats digital assets as securities. That puts crypto platforms that serve Nigerian investors under the SEC.
The Central Bank of Nigeria (CBN) guidelines of December 2023. Banks may open designated accounts for virtual asset service providers, but only for providers that show a valid licence from the SEC. Banks themselves are still not allowed to hold, trade or transact in crypto on their own account.
Tax under the Nigeria Tax Act 2025. The Act came into effect on 1 January 2026 and brings digital assets, including crypto, into capital gains tax. For individuals, gains are added to your total taxable income and taxed at your normal band. Some details, such as how gains are valued and reported, are still unclear, so check with the Nigeria Revenue Service or a tax adviser.
The short version: crypto itself is legal, but the platform you use is supposed to be registered with, or approved by, the SEC.
Is Binance legal in Nigeria? Binance’s status in 2026
What the SEC says
On 9 June 2023 the SEC said that “Binance Nigeria Limited” was not registered or regulated by the Commission and told it to stop soliciting Nigerian investors. Binance replied that this company was not affiliated with it.
On 28 July 2023 the SEC published a second circular that named Binance and binance.com directly. According to the SEC, the activities of Binance and any platform it uses to solicit Nigerian investors are not registered or regulated by the Commission, and its operations in Nigeria are therefore illegal. The SEC added that anyone dealing with Binance does so at their own risk.
We found no later SEC statement that changes this position as of October 2026.
Court cases against Binance in Nigeria
Binance faces several cases in Nigeria:
- Tax evasion charges. The federal government charged Binance Holdings with four counts of tax evasion at the Federal High Court in Abuja. Binance pleaded not guilty. In 2026 both sides told the court they were exploring a settlement. On 9 July 2026 the judge adjourned the case to 24 September 2026 for a report of settlement or continuation of trial. We found no public report of what happened on that date.
- Money laundering case. The Economic and Financial Crimes Commission (EFCC) is prosecuting Binance in a separate case over about $35.4 million. Binance denies the charges.
- The $81.5 billion claim. In February 2025 Nigeria filed a civil suit seeking $79.5 billion for economic losses it says Binance caused, plus $2 billion in back taxes, according to Reuters. That case is also pending.
Two Binance executives were detained in Nigeria in 2024. The tax charges now name Binance as the only defendant.
Was the Binance website blocked?
In February 2024 Nigerian authorities directed telecom and internet providers to block access to crypto trading platforms, including Binance, Coinbase and Kraken, according to Bloomberg and TechCrunch. Binance said at the time that only its website was affected and the app still worked. TechCrunch reported that the platforms became accessible again soon after. We could not confirm from official sources whether any such order is in force today.
Is Binance P2P available in Nigeria?
Not with naira. Here is what changed in 2024:
- 28 February 2024: Binance removed naira from its P2P marketplace.
- 5 March 2024: Binance announced it would stop all naira deposits and withdrawals.
- 8 March 2024: the deadline for users to withdraw or trade their naira. Remaining naira balances were converted to USDT automatically, and open orders on naira trading pairs were closed.
So when people search for “Binance P2P Nigeria” or “Binance naira” today, there is no naira market on Binance to find. If someone offers you “Binance naira P2P” through a private chat, treat it as a red flag.
If you want to know what your USDT is worth in naira, check our live USDT to Naira rate. For the price in other currencies, see the USDT price page.
Can Nigerians still use a Binance account?
This is where the honest answer is: it is not clear-cut.
- Binance ended its naira services, so you cannot deposit or withdraw naira on Binance.
- The SEC says Binance is not registered in Nigeria, its operations there are illegal, and users deal with it at their own risk.
- We found no official source saying Nigerian users’ accounts were closed, and no source saying Binance has been approved to operate in Nigeria.
In practice, this means there is no regulator in Nigeria standing behind your Binance account if something goes wrong. If you still hold funds there, think about that risk, and only log in through the official app or by typing the address yourself. Searches like “Binance login Nigeria” are a common target for fake login pages.
We do not give instructions on getting around blocks or changing account settings to hide your location.
Safer ways to buy and sell crypto in Nigeria
The SEC runs the Accelerated Regulatory Incubation Programme (ARIP) for crypto firms. So far it has admitted:
- August 2024: Quidax and Busha, the first two crypto exchanges in the programme.
- July 2026: Bitbarter Technologies, Luno Fintech Nigeria, GetEquity, Koinkoin Global Network, Wrapped CBDC, Trovotech and Blockvault Custodian.
- August 2026: Pisi Payments Solution, BC Access (Nigeria) and Yellow Card (YC) Financial.
These firms hold an Approval-in-Principle (AIP). According to the SEC, an AIP is not a final licence: it lets a firm operate within the programme’s scope, and it stays conditional on the firm meeting the SEC’s rules. We found no newer SEC decision on crypto exchanges after August 2026.
Before you use any platform, the SEC advises checking the firm’s status through the Commission’s official channels.
Basic rules for any trade:
- Use a bank account or wallet in your own name.
- Confirm a payment in your own banking app, never from a screenshot or SMS.
- Never release crypto before the money is in your account.
- Send USDT on the right network. Our guide What Is USDT? explains the networks.
Risks to know before you trade
- Regulatory risk. Rules are still being built. A platform’s status can change, and access to unregistered platforms can be restricted, as happened in February 2024.
- Fake “Binance agents”. Since Binance has no naira market, anyone who says they are a Binance agent selling naira or offering “official” P2P is not who they claim to be.
- Fake payment confirmations. Edited screenshots and fake bank SMS messages are a common P2P scam. Only trust your own banking app.
- Fake login pages and support accounts. Real support will never ask for your password, 2FA code or seed phrase.
- Tax. From 2026, crypto gains are part of your taxable income. Keep records of what you bought and sold.
- Price risk. Crypto prices can fall sharply. The SEC itself warns that crypto assets are high risk and can lead to a total loss.
Read our Disclaimer for more on how to use the information on this site.
FAQ
Is Binance banned in Nigeria?
There is no single “ban” announcement. According to the SEC, Binance is not registered or regulated in Nigeria and its operations there are illegal. Binance ended all naira services in March 2024, and in February 2024 authorities ordered internet providers to block crypto trading websites, including Binance.
Is Binance P2P available in Nigeria?
Not with naira. Binance removed naira from P2P on 28 February 2024 and ended all naira services in March 2024.
Can I withdraw naira from Binance?
No. Binance stopped naira deposits and withdrawals in March 2024. Naira balances left after 8 March 2024 were converted to USDT.
Is crypto legal in Nigeria in 2026?
Yes. Under the Investments and Securities Act 2025, digital assets are treated as securities and regulated by the SEC. Banks may serve SEC-licensed providers, and crypto gains are taxable from 1 January 2026.
Which crypto exchanges are approved by the SEC in Nigeria?
No exchange has a final licence that we could find. Under the SEC’s incubation programme, Quidax and Busha received Approval-in-Principle in August 2024, seven more firms (including Luno Fintech Nigeria and Bitbarter) in July 2026, and three more (including Yellow Card) in August 2026. The SEC says an Approval-in-Principle is not a final licence.
This article is for information only and is not legal, tax or financial advice. Read our Disclaimer.
