The Federal Government has initiated a blockade of the Binance website and other cryptocurrency platforms for Nigerian users. The move by the Nigerian government, led by President Bola Tinubu, has initiated a clampdown on cryptocurrency platforms to stabilize the declining Nigerian naira. The blockade has been criticized by Nigerian Binance users.
Binance confirmed this blockade, stating that some users were experiencing issues accessing binance.com and other platforms in the industry.
However, Binance clarified that the blockage only affects users accessing the platform via its website, while the app remains functional. Binance reassured users that their funds are secure and accounts can still be accessed.
Binance emphasized its commitment to adhering to local regulations and laws and will continue to engage with regulators, policymakers, and other stakeholders to foster open and transparent dialogue about managing the evolving cryptocurrency landscape.
Binance has been reported to be working with the Federal Government to block dollar-naira trading on the platform, leading to disruptions such as disabling the sell option for Nigerian users and capping the buy option.
The government’s actions have sparked concerns among cryptocurrency traders in Nigeria, a country that ranks among those with the largest population of crypto traders globally.
While the blocking of Binance’s website by the Federal Government has not been officially announced, it was suggested by presidential spokesperson Bayo Onanuga.
Onanuga expressed concerns about platforms like Binance manipulating the national currency and called for action from the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) against such platforms.
He also advocated for a ban on cryptocurrency in the country if necessary to prevent further devaluation of the national currency.
