Embattled Binance, the world’s crypto exchange, acknowledged that its Nigerian users are currently unable to access its website due to a blockade. Late on Wednesday, the Nigerian Communications Commission (NCC), the telecom regulator, ordered telecom companies to restrict consumer access to the websites of companies like Binance, Coinbase, and Kraken. FinTelegram reported about this critical Nigerian situation.
Binance clarified, “We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry.” It was noted that the blockade solely affects website access, with the Binance app remaining operational for users to manage their accounts and ensure the security of their funds.
Binance emphasized its commitment to complying with local regulations and laws, stating, “We continue to actively engage with regulators, policymakers, and other relevant stakeholders to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency.”
This restriction follows actions taken by President Bola Tinubu‘s administration aimed at stabilizing the Nigerian naira, which has been in decline. These measures have included a crackdown on cryptocurrency platforms and unlicensed Bureau De Change operators by the Economic and Financial Crimes Commission, efforts that have faced criticism from Nigerian Binance users.
The situation escalated less than two months after the Federal Government lifted a ban on cryptocurrency trading. Reports from People Gazette indicate that Binance collaborated with the Federal Government to block dollar-naira trading on its platform. Consequently, Binance disabled the sell option for its Nigerian users, preventing them from selling fiat currency, USDT, on the platform and imposed a cap of $1802 on the buy option. This move led to panic among users and was followed by fluctuations in the naira’s value against the dollar.
With Nigeria being one of the countries with the largest populations of monthly crypto traders, the impact of this blockade is significant. Presidential spokesperson Bayo Onanuga hinted at the government’s stance, advocating for a ban on Binance and other crypto platforms like Kucoin and Bybit from operating in Nigerian cyberspace to prevent further manipulation of the national currency.
Onanuga’s statements underscore the government’s intention to take firm action against platforms perceived to be undermining the naira’s value, suggesting that, without such measures, “this bleeding of our currency will continue unabated.”
