Binance, the world’s largest cryptocurrency trading platform, has confirmed the blockade of its website and other cryptocurrency platforms for Nigerian users.
In a statement released on Thursday, the cryptocurrency exchange acknowledged the challenges faced by Nigerians in accessing binance.com and other industry platforms.
“We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry,” stated Binance.
Binance clarified that the blockade specifically impacted users accessing the platform through its website, reassuring that its app remained operational for users to access the platform.
“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,” assured Binance.
The exchange emphasized its commitment to adhering to local regulations and laws while actively engaging with regulators, policymakers, and other stakeholders to foster an open and transparent dialogue on managing the evolving cryptocurrency landscape.
This development follows the Nigerian government‘s crackdown on cryptocurrency platforms led by President Bola Tinubu’s administration, aimed at stabilizing the declining Nigerian naira. The move has been met with criticism from Nigerian users of Binance.
According to People Gazette, Binance has confirmed collaboration with the Federal Government to restrict dollar-naira trading on the platform. As a result, Binance disabled the sell option for Nigerian users, preventing them from selling fiat currency, USDT, on the platform on Tuesday. Additionally, it capped the buy option at $1802 for Nigerian users, causing panic among its users.
Following the disruption by Binance on Tuesday, the naira, which dipped to N1,900 against the dollar on Wednesday, experienced some gains, trading at N1,600 to a dollar.
Nigeria, touted as one of the countries with the largest population of crypto traders globally, witnesses “more than half of its adult population” engaging in cryptocurrency trading monthly, as per Binance.
While the blockade of Binance’s website by the Federal Government has not been officially announced, presidential spokesperson Bayo Onanuga suggested the move on Wednesday via Twitter. Onanuga called for action against platforms like Binance and others, accusing them of manipulating the national currency and advocating for stricter regulations or a ban on cryptocurrency in Nigeria.
Source: Gazette