Since last year, the Nigerian government has been urging its citizens not to interact with Binance, considering the exchange unregulated in the country. This call to attention aims, as they note, to prevent their citizens from falling victim to what they deem an "illegal commercial" business operating in their territory without a license.
Last year, the Nigerian SEC issued a public statement about it, and now they have blocked access to Binance and some other trading companies for Nigerian citizens. This has left investors very worried, as many of them have Binance accounts, and they fear losing access to their funds.
The government allegedly restricted access because they believe Binance and other trading platforms in their market are playing a "dirty game" with their Naira currency by allowing trading against USDT, unlike the rest of the forex market, leading the currency to continue its downward trend.
The Naira has been on a downward spiral, and the government blames these companies for this decline, hoping that restricting access in their market will lead to a recovery in their currency.
Nigeria, one of the most active countries in the crypto market, has many investors in Binance, Coinbase, OctaFX, and other trading platforms. This imminent ban is causing some disturbing moments for Nigerian traders who rely on this activity, and only using a VPN can curb the restrictions to access them.
Binance has already published a statement about the issue, assuring Nigerians that their portfolios are safe (and the news is FUD🤔) and that they are working with authorities to lift the URLs ban. Until then, Nigerians will have to trade elsewhere or use a VPN to access Binance, Coinbase, and OctaFX websites.
It's concerning to see Binance once again in the media with bad news, as the largest exchange in the world has lately been facing heavy battles with regulators. One of these battles resulted in the removal of their ex CEO and Founder CZ, who is now facing heavy sentencing for money laundering and other crimes in the US. This time, the fight is in Nigeria, and let's hope it ends soon so Nigerians can continue making a living by using Binance.
If you have any thoughts on this, feel free to comment below, and let's discuss together.
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