Coinbase CEO Brian Armstrong has clarified that the cryptocurrency exchange is not facing any access issues in Nigeria, countering reports that Nigerian authorities had blocked the platform. Armstrong’s statement came after rumors circulated that the Nigerian Communications Commission (NCC) had instructed telecom companies to restrict access to major crypto exchanges like Coinbase, Binance, and Kraken.
Clearing the Air on Operational Status
In a recent update shared on the social media platform X, Armstrong addressed the concerns, stating that Coinbase’s services are functioning normally in Nigeria. He highlighted that the information suggesting Coinbase was blocked in the country is not accurate. “Our products are fully operational in Nigeria without any interruptions,” Armstrong affirmed, adding that there has been no official communication from Nigerian authorities to Coinbase regarding any potential access issues.
Binance Faces Access Challenges in Nigeria
While Coinbase maintains its operational status in Nigeria, Binance has acknowledged some challenges. According to Bloomberg News, Binance confirmed that a portion of its Nigerian user base is experiencing difficulties accessing the platform. Despite these access issues, a spokesperson for Binance assured that users’ funds remain secure.
Tensions Over Crypto Regulations
The backdrop to these developments involves criticism from Nigerian officials towards Binance. Bayo Onanuga, a special adviser to Nigerian President Bola Ahmed Tinubu, accused Binance of overstepping its bounds by setting exchange rates for Nigeria and undermining the Central Bank of Nigeria’s (CBN) authority. Onanuga’s comments reflect broader concerns over the impact of cryptocurrency on the country’s financial stability and the value of the Nigerian Naira. He advocated for a strict stance on cryptocurrency operations in Nigeria to prevent further devaluation of the national currency.
Crypto Exchanges Navigate Regulatory Landscape
The contrasting experiences of Coinbase and Binance in Nigeria underscore the complex regulatory environment facing cryptocurrency exchanges globally. While Coinbase has managed to maintain uninterrupted service, Binance’s partial access issues highlight the challenges crypto platforms can encounter in different jurisdictions. As the debate over cryptocurrency regulation continues in Nigeria and beyond, the focus on ensuring secure and stable operations for users remains a top priority for exchanges like Coinbase and Binance.
