Crypto Exchange Requirements in Nigeria: What You Need to Know

When you want to trade crypto in Nigeria, a country where cryptocurrency use is widespread despite official restrictions. Also known as Nigerian crypto market, it's one of the most active in Africa, with over 30 million people using digital assets for payments, savings, and remittances. But getting started isn’t as simple as signing up on Binance or Coinbase. Nigerian exchanges and international platforms that serve Nigerians have to follow strict rules — and so do you.

The Central Bank of Nigeria banned banks from handling crypto transactions in 2021, but that didn’t stop people. Instead, it forced traders to find workarounds: peer-to-peer platforms, crypto-fiat gateways, and offshore exchanges that still accept Nigerian users. Today, if you’re trading crypto in Nigeria, you’re likely dealing with KYC (Know Your Customer), a process that verifies your identity before allowing trades. Also known as identity verification, it’s required by almost every platform that wants to stay legal and avoid being blocked by Nigerian authorities. You’ll need a valid government ID — like a driver’s license, national ID card, or international passport — plus a recent utility bill or bank statement to prove your address. Some exchanges even ask for a selfie holding your ID. It’s not optional. If you skip this, your account gets frozen or deleted.

Another big hurdle is banking access, how Nigerian banks treat crypto-related transfers. Also known as Nigerian banking restrictions, many banks automatically block payments to crypto platforms, labeling them as "high-risk." Even if you’ve completed KYC, your bank might reject a transfer to Binance, Luno, or Paxful. That’s why most Nigerian traders use P2P platforms where buyers and sellers trade directly using bank transfers, cash deposits, or mobile money. It’s messy, but it works. You also need to watch out for fake exchanges. Nigeria has seen a surge in scam platforms pretending to be real crypto services. They promise high returns, ask for your private keys, or disappear after you deposit funds. Legit platforms never ask for your seed phrase. Ever.

What you’ll find in the posts below are real-world examples of what works — and what doesn’t. You’ll see reviews of exchanges that still serve Nigerians, stories of people who got locked out of accounts, and breakdowns of how to avoid scams. There’s also coverage of how other countries like the UAE and Australia handle crypto rules, so you can compare. Some posts even show how underground trading in Tunisia or Iran mirrors what’s happening in Nigeria — not because people want to break the law, but because they need financial freedom.