Binance makes shocking announcement, says website blockade in Nigeria now official

Cryptocurrency trade giant, Binance has confirmed that it has suspended access to its website and other cryptocurrency platforms to Nigerian users.

The cryptocurrency trading platform announced this in a statement on Thursday as Nigerians groan over the lack of to access the firm’s website.

“We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry,” Binance said.

It says only users attempting to access the website are affected while the App is still available for trading.

“Only users attempting to access the website are impacted, although the App is currently available.  Importantly, all user funds are secure and accounts can still be accessed,” Binance said.

Binance added that it “remains committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.”

The decision follows a heavy clampdown on cryptocurrency platforms by the Nigerian government as part of efforts to stabilise the Nigerian naira.

The move has been severely criticised by Nigerian Binance users.

Presidential spokeswoman Bayo Onanuga hinted on Wednesday that the federal government may restrict the Binance website, though this was not formally confirmed.

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

“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

Nigeria ranks among the countries with the largest population of crypto traders in the world with “more than half of its adult population” trading cryptocurrency “monthly,” according to Binance.