Nigeria Asks Telcom Firms to Restrict Access to Binance, Coinbase Websites – Here’s Why
Crypto exchange behemoths are facing serious scrutiny in Nigeria, as the country aims to clampdown crypto transactions.
Though Nigeria is sought to be the most crypto-savvy nation ahead of the United States and European countries per a ConsenSys data last year, the country has been recently tightening crypto regulations to circumvent financial crimes.
In line with this, Nigeria has directed telcoms to prevent access to crypto websites such as Binance, Coinbase and OctaFX. As first reported by a local media on Wednesday, the restriction aims at slowing crypto speculation activities in the country.
This move notably comes few mounts after the Central Bank of Nigeria lifted its ban on crypto transactions. The CBN instructed lenders to open accounts for crypto firms, marking a reversal of the ban it imposed in 2021.
In 2021, CBN became one of the first central banks to issue a central bank digital asset (CBDC).
Following the nation’s restrictions on crypto exchange websites, one user posted on X (Twitter) that Nigerians can look for alternatives now.
Binance don't work in Nigeria anymore, you just can't open the app. I believe we know our alternative
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