Bitmama Resumes Fiat Deposits

Nigerian cryptocurrency exchange, Bitmama, has successfully resumed fiat deposits on its platform after a temporary suspension earlier this month. The decision to halt deposits was attributed to essential maintenance activities carried out by the exchange’s partners, with Bitmama emphasizing that this measure was taken to safeguard the interests of its users.

In a statement posted on X, Bitmama clarified that the suspension allowed for the implementation of critical security patches, reinforcing the platform against potential exploitation by malicious individuals seeking vulnerabilities in the system. The exchange also attributed the pause in deposits to third-party infrastructure maintenance, underscoring the importance of ensuring a robust and secure environment for its users.

Despite the temporary freeze on fiat deposits, Bitmama observed a noteworthy surge in direct crypto deposits on its platform, spanning across Nigeria, Ghana, and Kenya. This unexpected shift in transaction patterns highlighted the resilience and adaptability of the platform, indicating that users seamlessly transitioned to alternative methods during the suspension period.

With the completion of the maintenance activities, Bitmama has now reopened its doors to fiat deposits. However, the exchange remains vigilant, announcing its intention to place liens on accounts exhibiting suspicious activities, reaffirming its commitment to maintaining a secure trading environment for its user base.

Interestingly, Bitmama’s announcement aligns with a recent move by the Central Bank of Nigeria (CBN), which now allows banks to facilitate crypto-related transactions. This regulatory shift permits banks to establish accounts for crypto companies, also known as Virtual Asset Service Providers (VASPs), providing designated settlement accounts and serving as conduits for foreign exchange flows and trade.

In a parallel development, another Nigerian exchange, Quidax, followed suit by announcing free deposits and withdrawals post the regulatory update. Both Bitmama and Quidax stand out as resilient entities in the face of the global crypto winter, a period marked by the closure of numerous cryptocurrency companies worldwide.

Looking ahead, Bitmama anticipates rolling out comprehensive updates across its suite of products, including Changera, its cross-border payment solution. This strategic move underscores the exchange’s commitment to innovation and continuous improvement, positioning itself as a leading player in the evolving cryptocurrency landscape.