Users trying to deposit Fiat directly from M-Pesa to Binance for the last few days have been met with an error that reads “There was a problem processing this payment, please use a different payment method.”
Turns out, Binance has decided to close down the M-PESA funding option in Kenya, after a directive from its service providers.
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“We have temporarily closed our M-Pesa deposit options due to certain directives from our service provider.”
– Binance
This abrupt suspension follows, a recent directive by the Central Bank of Nigeria (CBN) that banned all financial institutions and firms from dealing with cryptocurrency exchanges in Nigeria.
Kenyan users who want to trade on Binance now only have two options for purchasing crypto:
- Visa / MasterCard
- P2P
This new development shows just how much the CBN ban is affecting the crypto space in Africa even beyond Nigeria
