Binance has expanded its services in Africa. The platform now allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo (DRC), Togo, and Senegal to purchase cryptocurrency using mobile money payments. This feature is made possible through local partnerships.
Service Facilitates Crypto Access
The introduction of this service aims to enhance access to cryptocurrency for users in these regions. Currently, the functionality only supports buy transactions.
This focus on simplifying the process is intended to make it easier for new users to enter the cryptocurrency market. Binance emphasizes the importance of providing a reliable and secure platform for acquiring digital assets.
“We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa,” said Samantha Fuller, Spokeswoman for Binance.
“This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy.”
Binance Expands Crypto Access in West and Central Africa with Mobile Money Integration https://t.co/S9ZqTeweM7 pic.twitter.com/FXgcDTwmvT
— Tech Labari (@TechLabari) October 17, 2024
Meanwhile, a Nigerian court has rejected a bail application for Tigran Gambaryan, an executive at Binance Holdings Ltd. The court ruled that Gambaryan's health condition did not justify his release, as reported by Finance Magnates.
Gambaryan has been in custody since February. His lawyer, Mark Mordi, argued that he requires medical treatment for a herniated disk that has affected his mobility.
Limited Functionality for Users
According to the firm, the move aligns with Binance's vision of promoting financial inclusion in Africa. By enabling mobile money payments, the platform seeks to address barriers to entry for potential crypto users.
Mobile money is widely used in many African countries, allowing people without traditional banking services to participate in the digital economy.
Despite the positive implications for user access, the service's limited functionality may restrict users' ability to fully engage with the cryptocurrency ecosystem. The current offering does not include selling or trading capabilities.
This article was written by Tareq Sikder at www.financemagnates.com.
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