In an effort to address financial crimes in the digital asset sector, Nigeria has increased its oversight of prominent cryptocurrency exchanges like Binance and Coinbase. The country has instructed its telecommunications companies to block access to these crypto firms’ websites following regulatory guidelines issued by the Central Bank of Nigeria. The Central Bank of Nigeria reversed its decision on December 3rd, advising banks to ignore the previous ban on cryptocurrency transactions imposed in February 2021. The new restriction on crypto websites is intended to dampen currency speculation in the country. Binance stated that its platform is not meant for trading currencies, in response to user complaints about not being able to buy dollars. The report stated that Binance users encountered challenges when trying to purchase dollars, leading to one user feeling upset about the limited availability of dollars on the platform. Binance explained that foreign exchange rates are affected by various uncontrollable factors. The exchange reaffirmed its dedication to collaborating with local authorities, legislators, and regulators to guarantee adherence to regulations. Additionally, the Nigerian Communications Commission (NCC) has instructed telecom companies to block entry to Binance and other cryptocurrency sites. Although the timing of the restrictions is unspecified, the NCC’s order is anticipated to be implemented promptly. Comparable actions were taken in 2021 when Nigeria restricted access to Twitter. Nigerian authorities increase their enforcement of regulations on cryptocurrencies. According to the report, the government is considering restricting access to online platforms of cryptocurrency companies such as Binance in order to prevent the suspected manipulation of the foreign exchange market. Prior to the restriction, the exchange rate on Binance for the Nigerian Naira was around N1,850 (equivalent to approximately $1.16).. Despite this restriction, Nigerians may seek alternative methods to access these platforms, similar to how they used VPN apps to bypass the Twitter ban.. It is worth noting that Nigeria has one of the highest numbers of cryptocurrency users globally, with a reported crypto transaction volume of $56.7 billion from July 2022 to June 2023, according to Chainalysis.. Chimezie Chuta, the founder of Blockchain Nigeria User Group, criticized the government’s actions, arguing that blocking access to crypto platforms will not address the fundamental issues with the country’s currency.