CBN To Ban Binance: Nigerians Unable to Access Binance
GoldenNewsNg gathered that the Nigerian government has recently imposed restrictions on access to Binance, the world’s leading cryptocurrency exchange platform. This move, aimed at curbing currency speculation activities, has disappointed and frustrated Nigerian users. Binance clarified that its platform is not designed for currency pricing, emphasizing its role in cryptocurrency transactions.
Many Nigerians took to social media, particularly X (formerly Twitter), to express their dissatisfaction with being unable to access the Binance website. The Nigerian Communications Commission (NCC) reportedly directed telecom firms to block access to Binance and other cryptocurrency websites. Although the directive was received on Wednesday, there is no specified timeline for its implementation yet, according to a source in the telecom industry.
The government’s decision appears to be motivated by concerns about the manipulation of the foreign exchange market. Before the restriction, Binance’s spot rate was approximately N1,850/$. In response, some users have explored bypassing the restrictions using virtual private networks (VPNs) and web filters.
While the government’s action reflects an attempt to address cryptocurrency-related concerns, it has drawn criticism and raised concerns among Nigerian cryptocurrency enthusiasts. The situation is evolving, and affected users are closely monitoring developments.
Here are some user reactions:
- @quintenfahey: “NCC’s restriction on Binance in Nigeria has led to suspension, but users are finding ways to bypass with web filters and VPNs.”
- @khadydave: “@binance why is the app not working in Nigeria? Nigerians are panicking. Can you address the issue? @BinanceHelpDesk”
- @topgodfather101: “Binance is inaccessible in Nigeria without VPN. The government believes it will strengthen the naira, but critics argue otherwise.”
