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?