Through communication and internet providers, the Nigerian authorities have stopped crypto exchange platforms such as Binance, Coinbase, and Kraken from accessing the internet. This initiative is intended to cut off Nigerians’ excessive use of cryptocurrencies as another option to forego the depreciating Naira.
According to Premium Times, local telecom operators have started enforcing the directive, with Binance confirming that Nigerian users were having trouble accessing its platform. However, Binance stated that its users’ funds remained safe despite the access issues
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Coinbase challenged these claims, indicating preliminary findings show its site may still be accessible in Nigeria. However, investigations continue. This directive follows an announcement last June where Nigeria’s Securities and Exchange Commission declared Binance’s local operations unauthorized.
The latest action contrasts previous government indications of potential collaborations with crypto exchanges to build a digital economic zone. It is part of a broader regulatory push for stricter cryptocurrency oversight globally following a turbulent 2022. Regions like the EU aim to establish new crypto regulations in response.
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