Coinbase CEO Brian Armstrong has refuted reports of a Nigerian government ban on the cryptocurrency exchange. He has confirmed that the platform remains accessible within the country. Reports surfaced earlier this week alleging that Nigerian internet service providers had been instructed to restrict access to Coinbase, Binance, and Kraken.
Armstrong directly addressed a post from Watcher.Guru, which alleged a Nigerian government directive blocking the three exchanges.
“This is inaccurate WRT [with respect to] Coinbase as far as I can tell,” Armstrong stated. “Coinbase products are still operating (no interruption).”
Coinbase: Speculation Surrounding Access Issues
The initial reports of restricted access fueled speculation that the Nigerian government was taking steps to address the declining value of its local currency, the Naira (NGN). However, no official confirmation of a ban has been issued by the Nigerian Communications Commission (NCC) or other relevant authorities.
Conflicting reports from Nigerian users persist. Some continue to experience issues accessing certain exchanges, while others maintain access to Coinbase. The situation remains fluid, suggesting potential localized disruptions rather than a blanket ban.
Why Nigeria Seeks to Restrict Crypto Exchanges
Nigeria’s president’s spokesperson, Bayo Onanuga, took to X to address the recent developments surrounding cryptocurrency exchanges in the country. Cryptocurrency exchanges like Binance often influence unofficial exchange rates for the Nigerian naira, contributing to its frequent devaluation. This situation has raised eyebrows among policymakers and financial analysts. It has also prompted speculation that the government’s goal may be to limit these exchanges’ influence and stabilize the naira.
Regulatory authorities, such as the Nigerian Communications Commission (NCC), have not officially confirmed a ban. However, the perceived link between cryptocurrency trading and the naira’s depreciation highlights the need for urgent regulatory intervention in the crypto market. As the situation unfolds, stakeholders will closely monitor developments and assess the implications for Nigeria’s economy and financial stability.
CoinChapter will continue to monitor the situation, including any further responses from Coinbase CEO Brian Armstrong, and will provide updates as more information becomes available.
