Nigerian government has on Thursday officially banned her citizens from accessing Binance, the largest cryptocurrency exchange platform in the world in a bid to stabilize declining Nigerian Naira.
“We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry,” Binance said.
The move which has started taking effect on the platform only denies Nigerians web access but the app version is still accessible as confirmed by Techquery.
“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.
However, some Nigerians can still access the binance website without having access issues which is believed to be based on some factors such as pending telecom network provider which may not have implemented the order given by the Nigerian government.
Another factor could be Nigerians using the Virtual Private Network to access the Binance Network until the law becomes strong and enforced.
Could Binance be violating the FG rule?
Binance 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.”
The recent clampdown on cryptocurrency exchanges has aroused some concern and criticism among many Investors particularly as It is coming less than two months after the Federal Government lifted ban on cryptocurrency.
The blocking of Binance 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.
“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”
Other cryptocurrency platforms that have restricted Nigerians include OctaFX, Coinbase and others.
Binance user’s reactions and responses to the Blockade are:
The government is focusing on the wrong thing in their effort to tackle the naira’s issue. This won’t be sustainable because there are so many other ways to exchange crypto. Social media can fill this Peer to Peer gap. This will only worsen the situation,” Chimezie Chuta, founder and coordinator of Blockchain Nigeria User Group, told BusinessDay.
@unicodeveloper tweeted, “In 2024, you are blaming Binance for FX issues of a country of 200 million people and a 2023 budget of $34 billion.”
@eldivyn tweeted sarcastically, “It is the $2 million being spent on Binance that is driving down the price of dollars… Person dey drive motor, but na who dey trek dey match brake.”
@Anthony Azekwoh added, “Binance is not the problem, Naira rate is not the problem – there are deep systemic problems that haven’t been addressed that every economist alive has been pointing to for the past 8 years.”
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