▪ Binance, the world’s largest cryptocurrency trading platform, has confirmed a blockade of its website and other cryptocurrency platforms for Nigerian users.
▪ The platform disclosed this in a statement on Thursday after Nigerians complained about being unable to access its website.
▪ Binance clarified that the blockade only affects users accessing the platform via its website, while the app remains functional.
▪ The company assured users that their funds are secure and accounts can still be accessed.
▪ Binance reiterated its commitment to adhering to local regulations and laws and engaging with regulators and policymakers.
▪ This action follows the Nigerian government’s clampdown on cryptocurrency platforms led by President Bola Tinubu, aiming to stabilize the declining Nigerian naira, which has been criticized by Nigerian Binance users.
▪ Binance’s move to block dollar-naira trading and restrict selling and buying options triggered panic among users and led to fluctuations in the naira’s value against the dollar.
