Nigerian government has taken measures to block online platforms, including Binance, OctaFX, Coinbase, and others.
The decision aims to curb what the government perceives as continuous manipulation of the forex market and illicit movement of funds. Reports suggest that the Nigerian Communications Commission (NCC) conveyed the directive to major telecommunication companies, prompting swift action.
Authorities allege that these platforms, including Binance, were being exploited by currency speculators and money launderers, contributing to the devaluation of the national currency, the naira.
Despite warnings from regulatory bodies, such as the Securities and Exchange Commission (SEC), some platforms continued operations, attracting urban youths and suspected speculators.
Binance responded by stating it would remove users behaving manipulatively and emphasized collaboration with local authorities and regulators to ensure compliance. The government's move comes amid a broader effort to stabilize the foreign exchange market, combat speculative activities, and address economic challenges exacerbated by factors like COVID-19 and the N30 trillion Ways and Means advancement.
As the nation grapples with economic uncertainties, the government's decision to block these platforms raises questions about the impact on cryptocurrency enthusiasts and the broader financial landscape.
