• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Binance

Crypto Giants In Trouble: Binance And Coinbase Grapple With Access Bans Amid Nigeria’s Crypto Crackdown

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

To combat financial crimes associated with the digital asset industry, Nigeria has escalated its regulatory scrutiny of major cryptocurrency exchanges, including Binance and Coinbase. 

According to a local media report, the African country has asked its telecommunications companies to restrict access to the websites of these crypto firms after the Central Bank of Nigeria (CBN) issued guidelines to regulate the activities of digital asset operators.

Binance And Coinbase Restrictions

The Central Bank of Nigeria had a change of stance in December 2023, instructing banks to disregard the previous ban on crypto transactions imposed in February 2021. 

The latest restriction on crypto websites aims to slow down currency speculation activities within the country. Binance clarified that its platform is not intended for currency pricing after users complained about the inability to purchase dollars.

Related Reading: Polygon At A Crossroad: Token Unlock Fest Or Price Fizzle?

According to the report, Binance users experienced difficulties in buying dollars, with one user expressing frustration over the lack of available dollars on the platform. 

Binance responded that foreign exchange rates are influenced by “complex factors” beyond their control. The exchange emphasized its commitment to working with local authorities, lawmakers, and regulators to ensure compliance.

Furthermore, the Nigerian Communications Commission (NCC) has reportedly directed telecom firms to block access to Binance and other cryptocurrency websites. 

While no specific timeline is provided for the restriction, the NCC’s directive is expected to take effect immediately. Similar measures were implemented when Nigeria blocked access to Twitter in 2021.

Nigerian Regulators Escalate Crypto Crackdown

Per the report, the government’s decision to potentially block online platforms of crypto firms like Binance is aimed at curbing the alleged manipulation of the foreign exchange market. Before the restriction, the spot rate on Binance for the Nigerian Naira was approximately N1,850 (around $1.16).

However, Nigerians may find alternative ways to access these platforms, just as they did with Twitter using Virtual Private Network (VPN) apps when it was blocked. 

Notably, Nigeria boasts one of the largest crypto populations globally, with a reported crypto transaction volume of $56.7 billion between July 2022 and June 2023, according to blockchain platform Chainalysis.

Chimezie Chuta, the founder and coordinator of Blockchain Nigeria User Group, criticized the government’s approach, stating that restricting access to crypto platforms won’t solve the “underlying issues” with the country’s currency. Chuta believes that social media and peer-to-peer exchanges can fill the gap created by these restrictions and warns that such measures may exacerbate the situation.

Related Reading: 729,400 Bitcoin Wallets Exited Over Past Month, What’s Going On?

As regulatory pressure on crypto exchanges in Nigeria intensifies, the crypto community awaits further developments and potential responses from Binance, Coinbase, and other affected platforms. The government’s efforts to crack down on crypto transactions and currency speculation continue to shape Nigeria’s digital asset industry landscape.

Binance
BNB price is trending to the upside on the daily chart. Source: BNBUSD on TradingView.com

Despite the exchange’s ongoing regulatory issues, Binance Coin (BNB) is trading at $378, up 3.1% in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ronaldo Marquez

Ronaldo Marquez

Follow

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Full Profile

Related Posts

Binance

Australia Cracks Down On Binance: Orders External Audit Over Money Laundering Concerns

2 weeks ago
Binance Unrealized Profits Hit A Record 60,000 Bitcoin Despite Falling Reserves

Binance Unrealized Profits Hit A Record 60,000 Bitcoin Despite Falling Reserves

1 month ago
Binance

Binance Seeks Dismissal Of $1.7 Billion Lawsuit From FTX Estate

3 months ago
Binance

Former Binance CEO CZ Seeks Presidential Pardon From Trump After 4 Month Prison Sentence

3 months ago
Binance

Binance Founder Proposes BNB And Bitcoin For Kyrgyzstan’s Strategic Crypto Reserve

4 months ago
Binance

Binance Co-Founder Denies Testifying Against Justin Sun In US Plea Deal

4 months ago

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.