The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.
Premium Times report on Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it.
Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.
Recall that on Wednesday, the government was considering blocking the online platforms of Binance and other crypto firms as part of efforts to avert the free fall of the local currency.
Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.
Binance, a digital assets platform, serves as a window for peer to peer transactions allowing users to advertise interest to sell or buy currencies of their choice.
