Binance, one of the world’s leading cryptocurrency exchanges has seen a surge in popularity in Kenya in recent years. However, despite this increased interest, Binance does not currently support fiat withdrawals in Kenya. This means that users in Kenya are unable to withdraw crypto in local currency, such as Kenyan Shillings, from the platform.
This lack of fiat withdrawal support can be a significant limitation for Kenyan traders on Binance. In order to access their funds, they must first convert their cryptocurrency holdings back into a supported fiat currency, such as US dollars, and then withdraw the funds. This additional step can be time-consuming and costly, as it typically involves additional fees and exchange rate spreads.
An alternative can be to use the p2p method which most time involves exchanging funds with merchant traders on the platform who often do add a big margin to the exchange rates to make a profit which can be at an expense of someone that is looking to cash out their crypto
The best alternative for Kenyans is to use a crypto-fiat wallet like GetPaid Africa which gives you a variety of crypto withdrawal options like MoneyGram and Mobile money to cash out your crypto to fiat in two steps, Firstly transfer your crypto funds from Binance to GetPaid Wallet
Then you can easily transfer funds from your GetPaid wallet to a Kenya Shilling using a method of your choice, Like MoneyGram which is integrated into GetPaid and gives you the ability to be able to pick up your cash at any MoneyGram agent or outlet near you.
In conclusion, Binance is a popular choice among Kenyan traders, but the lack of fiat withdrawal support can be a significant limitation. However, the absence of support for Kenyan Shillings can be overcome by using other platforms like GetPaid Africa which simplifies the Withdraw of Crypto to Fiat.