The Central Bank of Nigeria, along with the Nigerian Communications Commission, has instructed telecom companies to block access to crypto websites. This move aims to stabilise the country’s currency, the naira, which has been plummeting.
As of Wednesday, several crypto exchange websites, including Binance, Kraken, and Coinbase, became inaccessible to Nigerian users.
“Only users attempting to access the website are impacted, although the App is currently available. Importantly, all user funds are secure and accounts can still be accessed.” read an email sent by Binance to its users.
Authorities cite concerns about FX market manipulation and the weakening naira as reasons for this action against Binance and other crypto firms.
Earlier, a presidential adviser called for action against online platforms like Binance for allegedly manipulating foreign exchange rates.
This crackdown follows Nigeria’s rocky history with crypto regulation. In February 2021, the Central Bank banned transactions between banks, crypto exchanges, and individuals due to perceived risks.
However, in December 2023, the CBN lifted its ban on banks facilitating crypto transactions after nearly three years.
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