In a recent move by the Nigerian government, access to Binance, the world’s largest cryptocurrency exchange platform, has been restricted for users in the country, Okay.ng reports.
This restriction, aimed at curbing currency speculation activities, has left Nigerian users of the platform disappointed and frustrated. Binance, in response, clarified that its platform is not intended for currency pricing.
Expressing their discontent on social media platform X (formerly Twitter), many Nigerians complained about being unable to access the Binance website.
The Nigerian Communications Commission (NCC) had reportedly issued a directive to telecom firms instructing them to block access to the websites of Binance and other cryptocurrency firms.
A telecom industry source revealed to Okay.ng that the directive was received on Wednesday, but there is currently no specified timeline for the implementation of this restriction.
Prior to the blockage, reports indicated that the government’s decision was driven by the desire to prevent the continued manipulation of the foreign exchange market. Binance’s spot rate was approximately N1,850/$ before the restriction took effect.
In response to the situation, some users have sought ways to bypass the restrictions, such as utilizing virtual private networks (VPNs) and web filters.
The move by the government reflects its attempt to address concerns related to cryptocurrency activities, but it has sparked criticism and concern among Nigerian cryptocurrency enthusiasts. The situation remains dynamic, and affected users are closely monitoring developments.
User Reactions:
- @quintenfahey: “Binance’s suspension in Nigeria due to crypto channel restrictions by NCC. But there are ways to bypass with web filters and VPNs.”
- @khadydave: “@binance what’s the issue with your network In Nigeria?. We can’t seem to make use of the #binance app in our location. Nigerians are already panicking. Why isn’t the app responding in our location? @binance @BinanceHelpDesk”
- @topgodfather101: “Binance has been locked in Nigeria, you won’t be able to open the app without VPN… The Nigerian government believes this would help naira regain strength, but they are fools, the downfall just started.”
