The Nigerian government has reportedly blocked foreign exchange access for Binance, OctaFX, and other foreign exchanges. This action is intended to prevent the alleged manipulation of the forex market and illicit movement of funds.
Sources within the telecommunications industry have informed PremiumTimes that the Nigerian Communications Commission has instructed telcos to block access to the online platforms of Binance and other foreign exchanges. The telcos are reportedly already taking action to comply with the directive.
In addition to Binance, the government has reportedly blocked access to a number of other foreign exchange platforms, including Forextime, OctaFX, Crypto, FXTM, and Kraken.
Sources from the presidency and the regulatory agencies have stated that the government’s actions are in response to reports of currency speculators and money launderers using crypto platforms like Binance to engage in criminal activities.
Authorities have reportedly concluded that the ‘criminal activities’ facilitated by these platforms are a major factor in the weakening of the naira. By cracking down on these platforms, the government hopes to stem the bleeding and strengthen the national currency.