The Nigerian government has directed internet and communication providers to restrict access to major cryptocurrency exchanges like Binance, Coinbase, and Kraken. This initiative aims to curb Nigerians’ growing use of cryptocurrencies as an alternative to the depreciating naira currency.
According to Premium Times, local telecom operators have started enforcing the directive, with Binance confirming that Nigerian users were struggling to access its platform. However, Binance stated that users’ funds remained secure despite the access issues.
Coinbase disputed these claims, indicating preliminary findings show its website may still be accessible in Nigeria, though investigations are ongoing. This follows an announcement last June where Nigeria’s Securities and Exchange Commission declared Binance’s local operations unauthorized.
The latest action contrasts previous government suggestions of potential collaborations with crypto exchanges to develop a digital economic zone. It is part of a broader global regulatory push for stricter cryptocurrency oversight after a turbulent 2022. Regions like the EU aim to establish new crypto regulations in response.
Also Read: Binance Adopts USDT Price Cap to Comply with Nigerian Rules
