Forex Crisis: Binance Claims Website Issues As Nigeria Blocks Crypto Exchanges
Nigeria bans cryptocurrency exchanges; Binance claims to have website problems
Nigerian authorities on Thursday blocked the website of Binance and similar cryptocurrency trading platforms in a move to halt the free fall of the naira in the foreign exchange market.
Nigerian authorities took action on Thursday to stop the naira's free fall in the foreign exchange market by blocking the Binance website and other cryptocurrency trading platforms.
The cryptocurrency platform explained that only users attempting to access the website are impacted by the restriction as they can continue to use the Binance app where “all user funds are secure and accounts can still be accessed.”
Contrary to Binance's assertion, the app is unavailable on iOS and Android devices as well and can only be accessed via a VPN.
Transferring “my money to my bank account” was difficult, a user complained.
The Nigerian naira's depreciation against the US dollar was allegedly influenced by currency speculators utilizing Binance and other cryptocurrency platforms, according to sources close to the presidency on Wednesday. On Wednesday night at 10:00 p.m. Nigerian time, N1,866 was worth one dollar.
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