Binance, 8 Other Online Platforms Nigerians Can No Longer Access To Buy and Sell Dollar

Binance, 8 Other Online Platforms Nigerians Can No Longer Access To Buy and Sell Dollar

  • The Nigerian government has taken action against online platforms such as Binance, where Nigerians buy and sell dollar
  • The decision was reached due to the continuous depreciation of the naira in the unofficial markets
  • FG believes the cryptocurrency firms are part of the problems of the naira and are manipulating the forex market journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

In its bid to halt the free fall of the naira, the federal government has decided to block Nigerian's access to several online cryptocurrency platforms.

These platforms offer a peer-to-peer (P2P) service whereby two individuals interact directly with each other to sell or buy currencies of their choice.

Nigerian government blocks Binance, other online platforms
Cryptocurrency platforms accused of forex manipulation Photo credit: Presidency
Source: Getty Images

With the ban, Nigerians on the platform can no longer access the ability to sell and buy dollars or other crypto assets.

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FG block Binance, others reports that the Nigerian government decided to block the online platforms of Binance and other cryptocurrency companies to prevent alleged manipulation of the foreign exchange market and illicit financial transfers.

The restriction on crypto websites aims to slow currency speculation activities in the country.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has strongly advocated the ban on Binance and other crypto platforms.

Binance reacts to ban

Reacting, Binance said its firm does not operate as a price discovery platform, and FX rates are determined by complex forces that have nothing to do with the company.

The trading company said it provides a market-driven peer-to-peer (P2P) platform that is not meant to be a proxy for currency pricing in Nigeria.

Read also

BDCs introduce new tool to fight Forex market speculators as naira nears N2,000/dollar

The platforms blocked include:

  • Binance
  • Forextime
  • OctaFX
  • Crypto
  • FXTM
  • Coinbase
  • Kraken
  • Kucoin
  • Bybit

CBN instructs banks on crypto accounts also reported that the Central Bank of Nigeria banned cash withdrawals from virtual and digital asset transactions.

This was disclosed in a new document posted on the CBN website titled 'Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.'

According to the apex bank, an account opened for virtual assets will only be used for transactions involving virtual/digital assets and not for any other purpose.


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