Nigeria Takes Action Against Crypto Exchanges, Limiting Access to Popular Platforms Including Binance and Coinbase

The Nigerian authorities have advised telecom providers to limit user access to various cryptocurrency exchanges, including notable names like Binance and Coinbase. Binance , OctaFX and Coinbase This decision follows the Central Bank of Nigeria's earlier guidelines aimed at regulating digital asset operators, a sign of the government’s ongoing commitment to manage the cryptocurrency sector effectively.

These new measures are aimed at curbing speculative trading and addressing concerns about possible manipulation in the foreign exchange market.

Prior to the restrictions, users were seeing a spot exchange rate of about N1,850 per USD on Binance. The government has also initiated actions to stabilize the market by directing the Economic and Financial Crimes Commission to take action against Bureau de Change operators involved in speculation.

Addressing user feedback related to challenges in purchasing US dollars, Binance has clarified that its exchange is not designed to establish currency prices.

In a show of commitment to creating a fair and transparent platform, Binance assured its users, stating, 'As leaders in the industry, we are actively working with local regulators, lawmakers, and authorities to ensure compliance.'

Binance In light of recent allegations surrounding currency speculation, Binance temporarily paused transactions on its platform to protect users from potential price issues. The exchange underscored that foreign exchange fluctuations stem from various intricate factors beyond their control.

However, Binance is currently engaging with local regulatory bodies, policymakers, and other stakeholders to foster an open discussion on cryptocurrency and financial market regulations.

Shifting Landscape of Cryptocurrency Regulations in Nigeria

This latest regulation arises just months after the lifting of the cryptocurrency trading ban late last year, underscoring the current volatility in Nigeria’s regulatory environment for digital assets. Central Bank of Nigeria In a similar vein, the Indian government has also taken steps to remove major cryptocurrency exchanges like Binance and Kucoin from the local Apple App Store and Google Play, alongside restricting access to their websites due to non-compliance with new anti-money laundering regulations.

These recent regulatory movements in Nigeria highlight the ongoing challenges and the fluid nature of cryptocurrency guidelines in the nation. took action Please stay informed that the information on this page should not be taken as legal, tax, investment, or financial advice. It is essential to invest only what you can afford to lose and seek independent financial counsel if unsure. For more information, we encourage you to review the issuer's or advertiser’s terms, conditions, and support pages. MetaversePost commits to delivering accurate, unbiased content, though market conditions can change at any time without prior notice.

Alisa, a passionate journalist with Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast domain of Web3. Her insightful coverage allows readers to stay engaged with the rapidly changing world of digital finance.