Becareful when using P2P.

[21Pilots]

Why are Nigerian crypto traders referring to Binance as if he is only the reputed centralized exchanges? There are others like OKX and Bybit which has been operating since many weeks or like few years ago and having the P2P. Even while using Binance, you have to be careful not to let anyone scam you. Also if are using decentralized exchanges, you also need to be careful. Just because you are dealing with people and some people have only intentions to scam.

Well I wouldn't actually blame them that's simply because for quite a very long time now binance has actually been the most popular centralised exchange especially in this region of the world. However it seems that people actually began to shift gradually to other exchanges when there was the dollar crisis in Nigeria and the government decided the best thing to do was to cancel dollar transactions in Nigeria making P2p on binance involving Naira virtually impossible.

The sad truth is that if the Nigerian government hadn't taken those moves they made, majority of people making use of bybit as well as other exchanges wouldn't have switched.

However, many of us can comprehend why so many still do hold their investments in Binance particularly with it being one of the most dominating and stable CEX out there. But, the current dollar crisis, coupled with the restrictions on transactions have made many Nigerians to open their eyes to the fact that, they may have to change, and probably switch to other platforms like Bybit. The limitations that Binance’s P2P market is facing with the Naira makes us look at other ways to be active in the world of cryptos. To the extent that these steps have not been done by the government we may have not seen this shift on the use of the alternatives exchanges that is happening.

The focus on Binance as one of the largest and most stable CEXs could be explained, as the high stability of the platform in providing services. Nonetheless, the current dollar crisis together with transaction restrictions that are limiting access, has not an insignificant number of us thinking of alternatives for seamless cryptocurrency transactions. Nigerian users have been unable to use local currency pairs on Binance P2P market but it has inspired others to look for more reliable services like Bybit. With time we may observe more adoption of these other platforms due to the Naira transaction situation that remains somewhat constrained.