Why Major Crypto Platform Limits Access in Nigeria amid Regulatory Shifts

Binance, a leading global cryptocurrency exchange, has officially announced the restriction of its website access to users in Nigeria.

In a statement released on Thursday, Binance reassured its Nigerian users not to worry, emphasizing that their investments remain safe despite the access limitation.

The decision to block website access in Nigeria aligns with the directives and regulations issued by local authorities. “We understand the concerns raised by our users regarding access issues to binance.com, as well as similar difficulties faced across the industry,” the company stated, acknowledging the inconvenience caused to its users.

Binance clarified that the restriction only affects website users, and its mobile application remains operational, allowing users to manage their accounts and assets without interruption. The firm reassured its users, stating, “The app continues to be accessible, and all user funds are secure, with account access still available.”

The company also expressed its commitment to ongoing dialogue with regulators, policymakers, and other stakeholders to navigate the changing landscape of cryptocurrency regulation. This proactive approach aims to ensure transparency and understanding between the cryptocurrency sector and regulatory bodies.

These measures are part of the government’s efforts to stabilize the national currency, which has seen a significant decline against the dollar in both the official and parallel markets.
This development comes shortly after the government had lifted a previous ban on cryptocurrencies, highlighting the ongoing regulatory uncertainties and challenges facing the cryptocurrency sector in Nigeria.