Binance, popular cryptocurrency exchange company has confirmed the blockage of its official website from Nigerian users.
This was contained in a statement by the firm on Thursday as Nigerian’s lament inability to access its website.
The cryptocurrency trading platform noted that the blockage affected only its users accessing the platform via its website, adding that its app was still functioning for users to access the platform.
Binance said, “We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry,” Binance said.
“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.”
Cyptocurrency giant also confirmed working with the Nigerian government to block dollar-naira exchange.
“We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’
The crypto firm further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”
Wakadaily learnt that Binance disabled sell option for its Nigerian users, on Tuesday blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.
The crypto exchange platform also disabled purchase of coins via Peer-to-Peer for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.
This comes barely two months after the government lifted the ban on cryptocurrency and the recent clampdown on unlicensed Bureau De Change operators.
Recall that in June 2023, the Securities and Exchange Commission (SEC) had declared the operation of Binance Nigeria Limited, a subsidiary of Binance illegal in the country.
The commission added that anyone conducting business on the platform is doing so at their own risk.
