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According to the Financial Times, some cryptocurrency exchanges in Nigeria faced access issues for users, leading to speculation that crypto sites would be banned informed of,
Local media on Wednesday… informed of Nigeria’s telecommunications regulator, the Nigerian Communications Commission (NCC), received instructions from the country’s top bank to suspend access to crypto websites including Binance, Coinbase and Kraken. This development comes a day after Binance imposed limits on peer-to-peer transactions on the trading of the USDT/NGN pair, which coincides with the naira falling to a record low. report,
Crypto sites, notably Binance, became popular for their peer-to-peer features, enabling direct cryptocurrency trades after the central bank banned local financial institutions from facilitating such transactions years ago.
Although the Central Bank recently picked up Ban on banks and licensing of crypto companies for legal crypto transactions considered, recent unprecedented fall of the Naira (about $1 to ~N1,900) – partially attributed to crypto-trading platforms by the government – prompted Binance to ban. Trade restrictions on Tuesday.
Since these platforms serve as a hedge against the persistent devaluation of the Naira for many cryptocurrency users in the country, the recent decision of the Nigerian government to restrict access to these platforms was seen as a move to regain control over the valuation of the Naira. Is seen in. These exchanges have played a key role in setting unofficial exchange rates for the Naira, with platforms such as Binance often serving as benchmarks for local foreign exchange rates. By limiting access to these platforms, the government aims to exert control over the valuation of the Naira and stabilize its position in the financial market. However, the long-term effects of the government’s recent actions are yet to be seen.
According to bloombergA presidential spokesperson confirmed Nigeria issued a directive to telecommunications and internet service providers to block access to cryptocurrency trading platforms. Binance did not explicitly acknowledge this directive; However, it assured users of access to their accounts and the safety of their funds. “We are aware that some users are experiencing issues accessing Binance.com, along with other platforms in the industry. Only users attempting to access the website are affected, Binance said, although the app is currently available.
While many Binance users in Nigeria reported difficulties accessing the site in the early hours of Thursday, it appears that the directive to restrict access has been temporarily halted, as these cryptocurrency trading platforms, including Kraken and Coinbase, are currently Are accessible in.
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