AGS NEWS – Nigeria has directed its telecommunications companies to block access to cryptocurrency websites like Binance, OctaFX, and Coinbase.

This move comes months after the Central Bank of Nigeria issued guidelines for digital asset operators following a change in its stance on crypto assets in December 2023.

The decision aims to curb currency speculation activities, with Binance clarifying that its platform isn’t for currency pricing, addressing complaints from users unable to buy dollars.

The company paused transactions to prevent price manipulation and emphasized its cooperation with regulators.

While rumors initially circulated, the Nigerian Communications Commission (NCC) instructed telcos to enforce the restriction immediately.

This development mirrors Nigeria’s previous action of blocking access to Twitter in 2021.

ALSO READ: Hackers stole $2 billion in crypto in 2023 – De.FI

Nigerians have expressed dismay over the move, fearing its impact on the country’s crypto market. Despite government efforts, experts argue that addressing systemic issues is crucial for economic stability.

Moreover, Nigerians are expected to find alternative ways to access crypto platforms, as seen with Twitter usage post-ban.

In 2023, Nigeria recorded significant crypto transaction volumes, highlighting the popularity and resilience of digital currencies in the country.

ALSO READ: Madueke wasn’t supposed to take penalty against Crystal Palace – Pochettino

Critics warn that the government’s focus on restricting crypto access may exacerbate economic challenges instead of addressing underlying issues.