Nigerian Crypto Startup Quidax Launches Free Deposits & Withdrawals Following CBN’s Ease of Restriction on Crypto Transaction

Quidax, a Nigerian crypto trading platform that allows users to seamlessly buy and sell crypto assets with their local currency, has announced free deposits and withdrawals for customers, following the Central Bank of Nigeria (CBN) latest ease of restriction on crypto trading.

With the CBN’s latest issuance of operational guidelines on virtual assets service providers (VASPs) to all banks and other financial institutions, crypto investors in the country will be able to process crypto-based transactions via their bank accounts, making it easier for them to trade and transact with digital assets across exchanges and payment services.

Speaking on the ease of restriction on crypto trading, an executive at Quidax stated that the move is a welcome development for the crypto industry and will no doubt bolster crypto adoption in Nigeria. 

“We’re ready to foster an enabling environment for cryptocurrency trading while we remain committed to helping spread its adoption nationwide”, the executive added.

Quidax disclosed that now that the ban has been relaxed, the company is opening its doors to even more customers and would like to give them more value. “With the holiday period kicking into full gear, this is our gift to Nigerians”, the company stated.

In line with this move, Quidax will provide free bank account deposits and withdrawals to old and new customers for the next 30 days, starting from December 22, 2023. What this means is that Quidax’s customers will be able to enjoy free transactions using their bank accounts on the exchange platform.

To begin, customers can create their accounts on Quidax via the mobile app or web (for new customers ) or sign in (for existing customers). As long as a customer performs the necessary identity verification processes, they will be able to make free deposits and withdrawals using their bank accounts for the next 30 days.

Launched in 2018, Quidax aims to be the home of BEP20, giving anyone access to tokens on the Binance Smart Chain (BSC), as well as popular cryptocurrencies. Apart from instant exchange services. 

The startup enables OTC trading and gives fintech companies the tools to offer cryptocurrency services to their customers through a dedicated API. In May 2021, the Crypto Exchange, Announced that it processed over $3.2 Billion in Transactions.

Quidax’s vision is to create a world where sending money and value around the globe is as easy as sending a text message.