Coinbase CEO Brian Armstrong has refuted reports that the Nigerian government has banned cryptocurrency exchanges. He confirmed that the platform will remain accessible within the country. Earlier this week, reports emerged claiming that Nigerian internet service providers have been instructed to restrict access to Coinbase, Binance, and Kraken.
Armstrong directly responded to Watcher.Guru’s post claiming that three exchanges were blocked at the direction of the Nigerian government.
“As far as I know, this is an inaccurate WRT with respect to Coinbase,” Armstrong said. “Coinbase products are still operational (no disruption).”
Coinbase: Speculation Surrounding Access Issues
Initial reports of limited access led to speculation that the Nigerian government was taking steps to address the depreciation of the local currency, the naira (NGN). However, no official confirmation of the ban has been issued by the Nigerian Communications Commission (NCC) or any other relevant authority.
Conflicting reports from Nigerian users continue. Some continue to have issues accessing certain exchanges while others maintain access to Coinbase. The situation remains fluid, suggesting localized disruptions rather than outright bans are likely.
Why Nigeria Wants to Restrict Cryptocurrency Exchanges
Nigerian Presidential Spokesperson Bayo Onanuga said: X It covers the latest developments surrounding domestic cryptocurrency exchanges. Cryptocurrency exchanges such as Binance often influence the unofficial exchange rate of the Nigerian Naira, resulting in frequent devaluations. The situation has raised eyebrows among policymakers and financial analysts. This has also led to speculation that the government’s goal may be to limit the influence of these exchanges and stabilize the naira.
Regulators, including the Nigerian Communications Commission (NCC), have not officially confirmed the ban. However, the recognized link between cryptocurrency trading and the depreciation of the Naira highlights the need for urgent regulatory intervention in the cryptocurrency market. As the situation unfolds, stakeholders will closely monitor developments and assess the impact on the Nigerian economy and financial stability.
CoinChapter will continue to monitor the situation and provide updates as more information becomes available, including further response from Coinbase CEO Brian Armstrong.