In an effort to combat what it perceives as ongoing manipulation of the forex market and illicit fund movements, the Nigerian government has decided to stop the online platforms of prominent crypto firms, including Binance.
On Wednesday evening, the Nigerian Communications Commission (NCC) instructed telecommunication companies in the country to restrict access to these platforms.
Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken are among the other affected platforms.
READ ALSO: FG Plans to Raise $10bn To Increase Forex Liquidity, Stabilise Naira
The move comes after the government previously considered measures to halt the devaluation of naira.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
Sources from the presidency and regulatory bodies indicate that the decision to target Binance and other crypto firms was driven by concerns related to currency speculation and money laundering activities.
The above acts, FG believed, contribute to the weakening of the naira.
For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
