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Coinbase refutes reports of being blocked in Nigeria.

Coinbase refutes reports of being blocked in Nigeria.

BLOCKBEATS
By BLOCKBEATS
2024-02-23 08:01
According to BlockBeats news on February 23, despite the recent increase in calls for a cryptocurrency ban in Nigeria, a spokesperson for the Coinbase trading platform stated that the platform is still accessible in Nigeria, contrary to previous reports. Local media and the Financial Times have reported that several platforms, including Binance, Coinbase, and Kraken, have been blocked by local telecom companies at the government's request. However, the Coinbase spokesperson stated in an email that "we are continuing to investigate these reports, but based on our preliminary review, Coinbase is still accessible in Nigeria." This event is due to the continued depreciation of the Nigerian official currency, Naira, against the US dollar, as well as the severe cash shortage the country experienced before the national elections last year. Bayo Onanuga, an adviser to the Nigerian president, claimed in a post on the X platform on Wednesday that cryptocurrency trading platforms such as Binance "openly set Nigeria's exchange rate," stealing the role of the country's central bank, and called for other companies such as Kucoin and Bybit to "be banned from operating in our cyberspace." It is worth noting that this is not the first time Nigeria has taken measures against cryptocurrency. The Central Bank of Nigeria previously restricted service providers' access to local banking services, but this ban has recently been lifted. Nigeria remains a strong adopter of cryptocurrency, especially in remittances.
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