This comes after a series of rumors that the Nigerian government were about to block crypto exchanges due to the incidents with the naira.
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Coinbase, a leading cryptocurrency exchange based in the United States, has refuted claims suggesting that it received directives from the Nigerian government to block its citizens from accessing its crypto trading platform.
The rebuttal was issued by Coinbase’s CEO, Brian Armstrong, who responded to the matter via a post on X. Armstrong affirmed that Coinbase’s services remain available in Nigeria, with no disruptions reported.
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Armstrong stressed that Coinbase has not been approached or contacted by Nigerian officials regarding any such directives.
Who Started The Rumor?
Rumors began circulating earlier this week following reports alleging that the Nigerian government had directed telecommunications companies to block access to several crypto trading platforms, including Coinbase, Binance, and Kraken.
The purported motive behind these restrictions was to address suspected manipulation of the foreign exchange market, particularly concerning the spot rate of the Nigerian Naira on platforms like Binance. Reportedly, the Naira’s spot rate stood at approximately 1,850 naira per dollar before the alleged restrictions were implemented.
Despite these claims, many Nigerians have continued to access their accounts on platforms such as Binance, Bybit, Kucoin and every other crypto exchange that was operational. There is also a lack of concrete evidence supporting the reported government directives.
