CBN & Crypto Crackdown.
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.
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.
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...
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..
