Markets News Report
February 22, 2024

Nigeria Imposes Ban on Crypto Exchanges, Blocks Access to Binance, Coinbase and Others

In Brief

Nigerian government blocked access to Binance, OctaFX and Coinbase in attempt to manage the country’s cryptocurrency sector.

Nigeria Imposes Ban on Crypto Exchanges, Restricts Access to Binance and Coinbase

Nigerian government instructed telecommunication companies to restrict access to cryptocurrency exchanges, including Binance, OctaFX and Coinbase. This action came several months after the Central Bank of Nigeria issued guidelines to regulate the activities of digital asset operators, reflecting an ongoing effort to manage and control the country’s cryptocurrency sector.

The new restriction is intended to mitigate currency speculation activities within the country and address concerns about potential foreign exchange market manipulation. 

Before the restriction was enforced, the spot rate on Binance was approximately N1,850/$. The government has taken multiple measures to stabilise the situation, including instructing the Economic and Financial Crimes Commission to arrest Bureau de Change operators engaged in speculative activities.

Responding to subsequent user complaints regarding difficulties purchasing US dollars, Binance clarified that its platform is not intended for currency pricing.

Expressing a dedication to providing users with a market-driven, fraud-free, and manipulation-free platform, Binance stated, “As industry leaders, we are collaboratively engaging with local authorities, lawmakers, and regulators to address any instances of non-compliance.”

Binance temporarily halted transactions on its platform yesterday to safeguard users from potential price suppression. In response to allegations of currency speculation on its platform, Binance stated, “It is crucial to acknowledge that foreign exchange rates are influenced by various complex factors, over which Binance has no control.'”

Nevertheless, the exchange is currently involved in discussions with local regulators, policymakers, and other stakeholders to facilitate a transparent dialogue regarding the cryptocurrency and financial markets.

Changing Crypto Regulatory Landscape in Nigeria  

The recent move comes months after the Central Bank of Nigeria lifted the ban on cryptocurrency trading at the end of last year, highlighting the current instability of the country’s regulatory framework for digital assets.

Recently, the Indian government also took action to delist major cryptocurrency exchanges, such as Binance, Kucoin, Kraken, and MEXC, from the local Apple App Store and Google Play while also blocking access to their websites, responding to the exchanges’ non-compliance with India’s new anti-money laundering rules.

The recent regulatory developments in Nigeria highlight the ongoing dynamic challenges and evolving nature of cryptocurrency regulation in the country. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories

Big Bets: The Biggest Gambling Cryptocurrencies of 2024

by Viktoriia Palchik
April 22, 2024
Join Our Newsletter.
Latest News

Big Bets: The Biggest Gambling Cryptocurrencies of 2024

by Viktoriia Palchik
April 22, 2024

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Exponential Bitcoin Bull Market Is Yet To Commence, Notes Crypto Analyst Willy Woo
Markets News Report Technology
Exponential Bitcoin Bull Market Is Yet To Commence, Notes Crypto Analyst Willy Woo
April 22, 2024
Unibot Unveils Three Growth Initiatives, Outlines Plans For Referral System, Token Buyback, And Rewards
Markets News Report Technology
Unibot Unveils Three Growth Initiatives, Outlines Plans For Referral System, Token Buyback, And Rewards
April 22, 2024
Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration
Markets News Report Technology
Galxe Community Initiates Vote On Proposal For Token Symbol Change And Contract Migration
April 22, 2024
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
Markets News Report Technology
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
April 22, 2024