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Big news! The Nigerian government has taken a strong stand against online platforms like Binance and other cryptocurrency firms. They are being accused of manipulating the forex market which is causing hardship currently in the country
Binance is a digital platform where people can buy and sell different currencies. But on February 5, 2021, the Central Bank of Nigeria (CBN) told banks to close accounts linked to cryptocurrency transactions. The CBN worries about money laundering, funding terrorism, cybercrime, and the unstable nature of cryptocurrencies.
But wait! In December 2023, the CBN changed its mind about cryptocurrencies. It told banks to ignore the earlier ban on crypto transactions.
Now, the government is restricting access to crypto websites to stop people from speculating with money in the country.
Binance and other crypto platforms have also faced restrictions in other countries like the United States, Singapore, Canada, and the United Kingdom.
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, is arguing for a complete ban on Binance and other crypto platforms in Nigeria.
But Binance defended itself, saying it doesn't set currency prices and that the foreign exchange rates are determined by complicated forces that have nothing to do with the company. They say they provide a platform for people to trade currencies and not to set prices.
Users of the platform are unhappy because they can't buy dollars anymore.
Apart from Binance, several other platforms used for cryptocurrency transactions in Nigeria have also been blocked, including Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, Kucoin, and Bybit.