Binance has confirmed blockade of its website and other cryptocurrency platform’s to Nigerian users.
This was disclosed in a statement on Thursday, as Nigerians lament inability to access the platform’s website.
“We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry,” Binance said.
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“Only users attempting to access the website are impacted, although the App is currently available. Importantly, all user funds are secure and accounts can still be accessed,” Binance said.
They added that it “remains committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.”
This follows clampdown on cryptocurrency platforms by the Chief Bola Tinubu-led government in a bid to stabilise declining Nigerian naira, a move criticised by Nigerian Binance users.
It is coming less than two months after the Federal Government lifted ban on cryptocurrency and the recent clampdown on unlicensed Bureau De Change operators by the Economic and Financial Crimes Commission to save naira’s freefall against the dollar.
Binance confirming was working with the Federal Government to block dollar-naira trading on the platform.
This move saw them disable the sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform on Tuesday. It also capped the buy option to $1802 for Nigerian users, triggering panic among its users.
With “more than half of its adult population” trading cryptocurrency “monthly,” according to Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.
The blocking of the platform’s website by the Federal Government, though not officially announced, was mooted by presidential spokesperson, Bayo Onanuga, on Wednesday.
He tweeted: “Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform. Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.