Despite reports suggesting that Nigerian authorities are blocking citizens’ access to popular crypto trading platforms, including Binance and Coinbase, crypto exchange Coinbase has clarified that its platform remains accessible in Nigeria, one of its significant markets in Africa.
In response to inquiries regarding the reported restrictions, Coinbase issued a statement assuring users that “Coinbase.com remains accessible from Nigeria.” The San Francisco-based exchange emphasized that it is continuing to investigate the situation but confirmed its accessibility in Nigeria based on initial findings.
Earlier reports from the Financial Times indicated that Nigerian authorities had restricted access to exchanges like Binance and Coinbase, with citizens experiencing intermittent access to some sites. These exchanges are crucial for Nigerians seeking unofficial but more favorable exchange rates for their currency against the dollar, especially amidst Nigeria’s current economic challenges, including soaring inflation and record-low levels of the naira.
While a representative for Kraken declined to comment on the matter, a spokesperson for Binance acknowledged that some users in Nigeria were experiencing accessibility issues but assured the security of users’ funds.
Despite these challenges, cryptocurrency use is on the rise in Nigeria, as indicated by blockchain data firm Chainalysis, which ranked Nigeria as the second-highest in its Global Crypto Adoption Index last year.
The press office of the Nigerian President has not yet responded to requests for comment on the matter.