How To Bypass CBN’s Ban On Crypto Exchange
-The CBN issued a ban on Bitcoin and other crypto exchange among financial institutions
-The ban prevents Nigerians from selling Crypto and receiving the proceeds directly from financial apps
-Here are ways to go around the Crypto exchange ban and keep trading your favorite virtual currencies
CBN, Friday issued a directive that will see banks and other financial institutions desist from making Crypto exchanges.
This came as a huge blow to Nigerians who have heavily invested in Cryptocurrency in the past few years.
The use of crypto goes beyond trading. This digital currency is also used to fund financial transactions.
Fortunately, there are ways to bypass CBN’s ban and keep exchanging cryptocurrencies.
In other Crypto News: Former Presidential Aspirant Adamu Garba sees cows as a better investment than Bitcoin
Find below four ways to bypass CBN’s ban on crypto exchange.
Using OTC Traders
OTC trading refers to over the counter exchange done between two parties.
For this to work, you need a trusted OTC trader to buy your Coin.
Send the Crypto to them and they will send the equivalent directly to your account. Easy as ABC.
P2P-enabled Exchange or Wallet
P2P simply means Peer to peer. An example of a P2P-enable wallet is Binance.
The first step is to find a buyer and send the cryptocurrency to them and you’ll receive payment.
The best part is that escrow is supported on these channels. This means that the coin is not deposited into the beneficiary’s wallet till you get paid.
Coinbase and Paypal
The use of Coinbase and Paypal is another easy method for Crypto Withdrawal.
The first step is to open a Coinbase and Paypal account and connect them.
Send your cryptocurrencies to Coinbase before withdrawing to your Paypal. From Paypal, you can easily send it to your bank account.
Use Ecobank Ghana account
The last method involves opening an Ecobank Ghana account. You can connect the account to major exchanges like Luno and Binance.
When it is time to withdraw, receive it in your Ecobank Ghana account and then transfer it to your Nigerian account.
Nigerians 1-0 CBN
Even though the ban may be lifted in the future, you can’t afford to stop trading till then. Utilize these channels to get back into the crypto exchange world.