|
Listen now
|
Nigeria ordered telecommunications companies and other internet service providers in the West African nation to block access to cryptocurrency trading platforms, including those operated by Binance, Coinbase and Kraken.
The sites are popular in Africa’s most populous nation where Nigerians use crypto as a hedge against frequent devaluation of the naira.
Local online newspaper Premium Times reported earlier on Thursday that telecommunications providers were already implementing the order.
“Premium Times is correct,” presidential spokesman Bayo Onanuga said in a post on X, responding to the report.t
Premium Times is correct.
Forex Crisis: Nigerian govt blocks Binance, OctaFX, Coinbase, others https://t.co/cq6DoxqInj
— Bayo Onanuga (@aonanuga1956) February 22, 2024
In a statement, Binance confirmed that some users in Nigeria were experiencing issues accessing its website. “Please be assured that Binance users’ funds are secure,” a spokesperson for the crypto exchange said.
Onanuga has said previously that cryptocurrencies should be banned to stop the weakening of the local currency. The naira has lost 70% of its value since the central bank lifted its dollar peg in June in a bid to attract foreign-currency inflows. Those inflows haven’t materialized.
“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform,” Onanuga said. “Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”
Binance said the exchange remained “committed to adhering to applicable local regulations and laws, with a dedicated focus on maintaining active engagement with all relevant stakeholders, regulators and policymakers.”
In June, Nigeria’s Securities and Exchange Commission said Binance was operating in the country illegally.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!