NAIRA CRASH! Nigerian Govt Blocks Binance, OctaFX, Coinbase, Others

Date: 21-02-2024 9:00 pm (1 month ago) | Author: kacy lee
- at 21-02-2024 09:00 PM (1 month ago)
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The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.

The government was considering blocking the online platforms of Binance and other crypto firms as part of efforts to avert the free fall of the local currency.

Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.

Binance, a digital assets platform, serves as a window for peer to peer transactions allowing users to advertise interest to sell or buy currencies of their choice.

In September 2023, Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, saying the platform was “neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”.

Despite the warning by the regulatory agency, the firm continued its operation, attracting huge patronage especially among urban youths and suspected speculators and money launderers. Aside from suspicions of economic sabotage, officials also speak of national security concerns as the platforms are often patronised by other criminal groups including for payment of ransom.

In its reaction earlier on Wednesday, Binance said “users behaving in a manipulative way” will be removed from its platform.


Posted: at 21-02-2024 09:00 PM (1 month ago) | Addicted Hero
- kp45 at 21-02-2024 09:08 PM (1 month ago)
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9ja and unfocuse leaders
Posted: at 21-02-2024 09:08 PM (1 month ago) | Addicted Hero
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- fineboy77 at 21-02-2024 09:30 PM (1 month ago)
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Chai

Posted: at 21-02-2024 09:30 PM (1 month ago) | Addicted Hero
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- Bebold at 21-02-2024 09:53 PM (1 month ago)
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Lovely news
Posted: at 21-02-2024 09:53 PM (1 month ago) | Gistmaniac
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- KDoinspire at 21-02-2024 11:03 PM (1 month ago)
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Go and deal with your cabal. They keep pulling money into the forex market. I do forex trading, what I saw today was just unbelievable
Posted: at 21-02-2024 11:03 PM (1 month ago) | Upcoming
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- gogoman at 21-02-2024 11:27 PM (1 month ago)
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 Grin Grin Grin
Posted: at 21-02-2024 11:27 PM (1 month ago) | Grande Master
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- Holopid at 21-02-2024 11:33 PM (1 month ago)
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Ok
Posted: at 21-02-2024 11:33 PM (1 month ago) | Gistmaniac
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- Olandetujaa at 22-02-2024 10:02 AM (1 month ago)
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If this is the cause of naira downfall, it means there  are a lot of illegal and unauthorized naira liquidity in the market forcing down the value and causing inflation. The CBN/EFCC have a lot work to do checking the political space.
Posted: at 22-02-2024 10:02 AM (1 month ago) | Gistmaniac
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