Nigeria has increased its regulatory scrutiny of major cryptocurrency exchanges, including Binance and Coinbase, in an effort to combat financial crimes associated with the digital asset industry. The Central Bank of Nigeria (CBN) issued guidelines to regulate the activities of digital asset operators, prompting the country to ask its telecommunications companies to restrict access to the websites of these crypto firms. This move comes after the CBN reversed its ban on crypto transactions in December 2023. The aim of restricting access to crypto websites is to slow down currency speculation activities within Nigeria. Binance has clarified that its platform is not intended for currency pricing, but users have complained about difficulties in buying dollars on the platform. The Nigerian Communications Commission (NCC) has directed telecom firms to block access to Binance and other cryptocurrency websites, a measure expected to take effect immediately. This crackdown on crypto exchanges in Nigeria has drawn criticism from experts who argue that it won’t solve the underlying issues with the country’s currency and may exacerbate the situation. Despite these regulatory challenges, Binance Coin (BNB) is trading at $378, up 3.1% in the past 24 hours.
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