JUST IN: FG Blocks Binance, Coinbase, OctaFX, Others Amidst Naira Decline

To address concerns over forex market manipulation and illicit fund movements, the Nigerian government has ordered the blocking of several crypto firms’ online platforms, including Binance.

The Nigerian Communications Commission (NCC) instructed telecom companies to restrict access to these platforms, which include Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken.

This action is part of efforts to stabilize the declining local currency, prompted by worries of currency speculation and money laundering activities facilitated by these platforms.

At present, platforms like Binance and OctaFX are inaccessible, reflecting the government’s ongoing scrutiny since September 2023 when the SEC disclaimed Binance’s operations as ‘illegal’.

Despite warnings, Binance continued operations, drawing significant patronage, especially from urban youths and suspected speculators and money launderers.

Beyond economic concerns, officials are alarmed by the platforms’ use in criminal activities, such as ransom payments, raising national security issues.

Binance has expressed willingness to collaborate with local authorities to address compliance issues and combat manipulative behavior.

The government’s move aims to maintain forex market stability and combat financial crimes, sparking debates on its impact on digital asset trading and Nigeria’s financial landscape.