Coinbase CEO Denies Allegations of Blocking Nigerian Users, Affirms Absence of Government Instructions Received

The Nigerian Communications Commission (NCC), Nigeria’s telecom regulator, has reportedly been instructed by the country’s central bank to block access to cryptocurrency websites such as Binance, Coinbase, and Kraken. This comes after Binance restricted peer-to-peer transactions involving the USDT/NGN pair, which contributed to the decline of the naira. However, the CEO of Coinbase, Brian Armstrong, has denied these claims, stating that the exchange has not received any directive from the government and is operating without any disruptions.

Coinbase, a leading US-based exchange, has dismissed allegations that it has received orders from the Nigerian government to limit access for its citizens. CEO Brian Armstrong clarified this on the social media platform X, stating that Coinbase products are still operating without interruption and they have not been contacted by Nigerian officials.

The rumors about the Nigerian government restricting access to major cryptocurrency trading platforms, including Coinbase, Binance, and Kraken, sparked a dispute. However, there has been no official confirmation of these restrictions, and some Nigerians on X have reported that they can still access these exchanges, challenging the earlier claims.

The recent restrictions on cryptocurrencies mark a significant shift in Nigeria’s approach, moving away from market-friendly reforms aimed at attracting foreign investment. President Bola Tinubu’s previous efforts to regulate digital assets like bitcoin and tether have been reversed, and the government is now focused on consolidating its exchange rate system. This has led to the devaluation of the naira, with its value falling against the dollar.

Bayo Onanuga, an advisor to President Tinubu, criticized Binance for challenging the Central Bank’s authority in setting currency rates and called for a crypto ban in Nigeria. He argued that unless access to these exchanges is stopped, the depreciation of the currency will continue. Last year, the Nigerian Securities and Exchange Commission declared Binance’s local operation unlawful due to its lack of registration or regulation. However, users have still been able to access Binance’s global website.