Crypto exchange behemoths are facing serious scrutiny in Nigeria, as the country aims to clampdown crypto transactions.

Though Nigeria is sought to be the most crypto-savvy nation ahead of the United States and European countries per a ConsenSys data last year, the country has been recently tightening crypto regulations to circumvent financial crimes.

In line with this, Nigeria has directed telcoms to prevent access to crypto websites such as Binance, Coinbase and OctaFX. As first reported by a local media on Wednesday, the restriction aims at slowing crypto speculation activities in the country.

This move notably comes few mounts after the Central Bank of Nigeria lifted its ban on crypto transactions. The CBN instructed lenders to open accounts for crypto firms, marking a reversal of the ban it imposed in 2021.

In 2021, CBN became one of the first central banks to issue a central bank digital asset (CBDC).

Following the nation’s restrictions on crypto exchange websites, one user posted on X (Twitter) that Nigerians can look for alternatives now.

Binance don’t work in Nigeria anymore, you just can’t open the app. I believe we know our alternative

— Steve Yo Trader (@yo_dir) February 22, 2024

“Binance don’t work in Nigeria anymore, you just can’t open the app. I believe we know our alternative.”

Following complaints from users in Nigeria, Binance exchange noted that it has initiated efforts to ensure regulatory compliance. Binance has released statements emphasizing its dedication to regulatory compliance and user protection.

“We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P product.”

President’s Adviser Calls to End Exchange Operations

In a separate note, the Special Adviser to Nigerian President Bola Tinubu on Information and Strategy, Mr. Bayo Onanuga, accused crypto exchanges of manipulating the naira leading to the continued fall in the forex market.

The advisor urged the Economic and Financial Crimes Commission (EFCC) and the CBN to take quick action against them.

The Naira-Dollar manipulators

I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.

He disclosed that token sellers… pic.twitter.com/c9YBjawJMz

— Bayo Onanuga (@aonanuga1956) February 21, 2024

In a long post on X, he noted that Binance, facing regulatory showdown in many countries, should not be allowed to dictate the value of the Naira.

“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace,” he added. “FX platform Aboki should be re-banned.”

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