Almost every week, I have Nigerians chat with me on WhatsApp to ask how to solve problems they have with Binance identity verification. I’m going to explain to you what I explained to them.
Updates from the Federal Government of Nigeria on BVN
A couple of months ago, the Nigerian government made a rule that stopped Fin Techs (including cryptocurrency exchanges) from using BVN to verify users’ identities on their platforms.
While the movement affected people and Fin Techs, I believe they have their reasons.
How did Binance react?
Binance, the most popular and most used cryptocurrency exchange in the world, changed its mode of verification by including the use of a National ID card or Drivers License, or International passport.
What does this mean for Nigerians who are interested in trading and investing in cryptocurrency?
This means any Nigerian who does not have either the original National ID or Driver’s license or International passport will not be able to make use of Binance to trade cryptocurrency.
Because Binance and other foreign bodies do not accept the temporary National ID slip for verification.
What’s the way forward for Nigerians?
The solution isn’t farfetched. If you’re a Nigerian in Nigeria and interested in trading cryptocurrency but do not have the necessary documents to use on Binance, you will have to sign up on Nigeria-based crypto exchanges.
Because you can easily verify your identity with any nationally recognized documents, not necessarily the original national ID or Driver’s license, or international passport.
Recommended Nigeria crypto exchanges
QUIDAX. This makes the top of my list when it comes to exchanges in Nigeria. Enough coins to choose from. Reliable P2P option and you can make use of Order Book to place your trades.
Others are; Roqqu, Bundle, Patricia, etc.
Now that you know how to solve the issue of identity verification on Binance, don’t forget to share this article with your friends.