Months after its Central Bank released guidelines to regulate the activities of digital asset providers, Nigeria has urged its telecommunicatons companies to impose restrictions on access to the websites of cryptocurrency companies like Coinbase, Binance and OctaFX.
The new ban on cryptocurrency websites, which states that Binance’s platform is not for currency pricing, is intended to reduce the nation’s currency speculating operations.
Telecom companies have been requested by the Nigeria Communications Commission (NCC) to restrict access to the websites of cryptocurrency companies such as Binance.
A prominent source inside the telecommunication sector claims that telcos received an order from the commission today, which stipulates that the restriction would take effect immediately and that a deadline has not yet been established.
According to allegations that circulated earlier in the day, in an effort to stop further manipulation of the foreign exchange market, the government may restrict the websites of Binance and other cryptocurrency companies.
The spot rate on Binance was approximately N1,850/$1 prior to its blocking.
To halt the decline, the Nigeria government has taken a number of actions, such as requesting that the Economic and Financial Crimes Commission detain Bureau De Change operators for engaging in speculative activity.
Nigerians are criticizing this new governmnt initiative, with many expressing dissatisfaction about the inability to access the Binance website.
The nation’s cryptocurrency transaction volume was $56.7 billion between July 2022 and June 2023, according to Chainalysis reports.
