Nigerian authorities on Thursday blocked the website of Binance and similar cryptocurrency trading platforms in a move to halt the free fall of the naira in the foreign exchange market.

Hours after Nigerian internet service providers started blocking access to crypto exchanges, Binance said it is “aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry.”

The cryptocurrency platform explained that only users attempting to access the website are impacted by the restriction as they can continue to use the Binance app where “all user funds are secure and accounts can still be accessed.”

However, contrary to Binance’s claim, the app is also down on Android and iOS devices and can only be accessed with the aid of a VPN.

A user told The Guardian that there was difficulty transferring “my money to my bank account”.

Sources within the Presidency claimed on Wednesday that currency speculators were using Binance and other cryptocurrency platforms to influence the weakening of the Nigerian naira to the dollar. As of 10:00 pm Nigerian time on Wednesday, a dollar was being traded for N1,866.

Bayo Onanuga, a spokesperson for Nigerian President Bola Tinubu accused Binance of “hijacking” the role of the Central Bank of Nigeria (CBN) in determining the value of naira in foreign exchange.

Although Binance claimed that it is committed to adherence to local regulations and laws in Nigeria, Onanuga urged government agencies to move against the cryptocurrency platform and suggested another ban on cryptocurrency exchange in Nigeria.

“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform,” Onanuga tweeted.

“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.”

After the statement on its website on Tuesday, Binance disabled the sell option for the Nigerian naira listed as a fiat currency. This blocked Nigerian users exchanging naira with the USDT, on the platform on Tuesday with a $1802 cap on purchase for Nigerians.

Apart from shutting its digital space on the cryptocurrency platforms, agencies of government have began a clampdown on unlicensed Bureau De Change operators in Lagos and Abuja, the capital city.

The Office of the National Security Adviser on Tuesday said it is partnering with the CBN to arrest foreign exchange speculation in the country. (The Guardian)

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