Decisions by regulators in Nigeria and other African countries may have spurred the rise in peer-to-peer transactions in the cryptocurrency market, a survey conducted by Binance, has shown, adding that there are three reasons users invest in crypto.
Based on this, Binance said it has seen an over 2000 per cent increase in the number of peer-to-peer users in Africa from January to April 2021.The Nigerian crypto market recently suffered a setback as a result of a decision by the financial regulator to prohibit banking services from providing support for cryptocurrency businesses. Following that decision, the crypto market has seen a spike as users migrated from crypto-to-fiat exchanges to peer-to-peer exchanges.
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