Naira revival: NCC plans to block Nigerians access to Binance, Coinbase & others

[Sokani]

It seems like the capping of the maximum amount of USDT on Binance exchange to N1802 was just a tip of the iceberg. According to the recent information from multiple sources, Nigerian government has told the Nigerian Communication Commission (NCC) to block consumers access to Binance, Coinbase, Kraken, OctaFX and others, in an effort to strengthen the falling naira.

Some persons claimed they were unable to access Binance on Wednesday.

Just got word that CBN has requested MTN to start blocking all crypto sites. While it may not happen instantly due to approval processes, it looks like it is on the horizon.

A tweet from Binance exchange

Only users attempting to access the website are impacted, although the App is currently available.  Importantly, all user funds are secure and accounts can still be accessed

The government is focusing on the wrong thing in their effort to tackle the naira’s issue. This won’t be sustainable because there are so many other ways to exchange crypto. Social media can fill this Peer to Peer gap. This will only worsen the situation,” Chimezie Chuta, founder and coordinator of Blockchain Nigeria User Group, told BusinessDay.

BusinessDay also confirmed the report by netizens on X, according to the post below.

Nigerians are lamenting this new move from the government. Taking to the X (formerly Twitter), many have started complaining about the Binance website not going through. Checks by BusinessDay (using the MTN network) confirmed this, too.

I don't know if the restriction has been lifted or it's going to be in phases because I checked at my end using Airtel network and I was able to login to Binance website and I don't know about other exchanges because I don't use them.

Are you having issues accessing the above mentioned websites? What do you guys think about this move by the government?

[Gideon99]

It seems like the capping of the maximum amount of USDT on Binance exchange to N1802 was just a tip of the iceberg. According to the recent information from multiple sources, Nigerian government has told the Nigerian Communication Commission (NCC) to block consumers access to Binance, Coinbase, Kraken, OctaFX and others, in an effort to strengthen the falling naira.

Some persons claimed they were unable to access Binance on Wednesday.

Just got word that CBN has requested MTN to start blocking all crypto sites. While it may not happen instantly due to approval processes, it looks like it is on the horizon.

A tweet from Binance exchange

Only users attempting to access the website are impacted, although the App is currently available.  Importantly, all user funds are secure and accounts can still be accessed

The government is focusing on the wrong thing in their effort to tackle the naira’s issue. This won’t be sustainable because there are so many other ways to exchange crypto. Social media can fill this Peer to Peer gap. This will only worsen the situation,” Chimezie Chuta, founder and coordinator of Blockchain Nigeria User Group, told BusinessDay.

BusinessDay also confirmed the report by netizens on X, according to the post below.

Nigerians are lamenting this new move from the government. Taking to the X (formerly Twitter), many have started complaining about the Binance website not going through. Checks by BusinessDay (using the MTN network) confirmed this, too.

I don't know if the restriction has been lifted or it's going to be in phases because I checked at my end using Airtel network and I was able to login to Binance website and I don't know about other exchanges because I don't use them.

Are you having issues accessing the above mentioned websites? What do you guys think about this move by the government?

It's very unfair and shameful that the government can't save the country from suffering rather than going into crypto exchange network to short down Nigerians from using them, it's a big shame that's the government can't provide facilities and employment for the youth rather than fighting against them in order to bring everyone back to suffering. They are not help matter and for the look of things what's the government issues against binance that will make them take such a rash action, many crypto pro use binance to store their crypto, Restriction will not help matter.

[Best]

Well, as we know and is no longer a news that Binance have already delisted NGN pair and stop the use of P2P but that doesn't mean other cex are affected. Like Bitget has its P2P for Nigeria users active and I think they are even given out $5 for each merchant. You need to browse Bitget merchant p2p to get more info.

Then for Exchange website issues, I usually use VPN to get what I want and their app is still working fine.

[Agbe]

Till now Nigeria does not know what is happening to their economy and with that they are just blaming innocent companies and individuals. After when they disturbed Binance and the firm got angry let the country or ban all the naira service in the country. The dollar is still rising like a rising star and that shows that Nigeria is a fail start. Binance is not the problem in Nigeria but their personal policies are the cause of all these things.

[MCcabe Rory]

Well, as we know and is no longer a news that Binance have already delisted NGN pair and stop the use of P2P but that doesn't mean other cex are affected. Like Bitget has its P2P for Nigeria users active and I think they are even given out $5 for each merchant. You need to browse Bitget merchant p2p to get more info.

Then for Exchange website issues, I usually use VPN to get what I want and their app is still working fine.

Good suggestion. But I'm a lil bit curious about something. How about the rate and cs rensponse time in case of issues?

[Cantsay]

Good suggestion. But I'm a lil bit curious about something. How about the rate and cs rensponse time in case of issues?

Before NGN was delisted from Binance the difference between the prices of naira on it (Binance) and other exchanges were just a few naira from the range of 10-200 naira and sometimes they are both the same or even higher than that of Binance. So there`s nothing to worry about concerning the rate, while for the customer support if they are wise they`ll make sure to treat their customers well during this period because that will help to draw the millions of Nigerians that are currently looking for an exchange to finally settle in and do all their trades.