Friday, February 7, 2025

advertise your product or service on freshreporters
HomeBusiness NewsFG Blocks Binance, OctaFX, Coinbase, and Other Platforms Amid Forex Crisis

FG Blocks Binance, OctaFX, Coinbase, and Other Platforms Amid Forex Crisis

The Nigerian government has taken the first steps toward blocking cryptocurrency trading sites including Binance, OctaFX, Coinbase, and others.

The goal is to stop what it views as ongoing manipulation of the foreign exchange market and money laundering.

The Nigerian Communications Commission (NCC) conveyed the directive to telecoms, and they have begun acting upon it, according to sources within the nation’s major telecom providers.

ALSO READ:  Naira Making Progress Against Dollar - Naira To Dollars Black Market Today

It was also learned that the administration and law enforcement authorities made the decision to take action against Binance and other cryptocurrency companies in response to information that suggested they were being used by money launderers and currency speculators for illicit purposes.

ALSO READ:  NEW NAIRA: Confusion Bites Deep As CBN Deadline Ends Today

The government believe that a major factor in the naira’s depreciation is the “criminal activities” that take place on platforms.

This comes after rumors and doubts regarding supply shortages in the markets caused the naira to plunge to an all-time low of N1,900 per dollar at the parallel market on Tuesday, February 20.

ALSO READ:  How I Became Bank CEO At 34 - Business Mogul, Tony Elumelu Shares

However, the local currency increased somewhat to N1,551.24 at the Nigerian Autonomous Foreign Exchange Market (NAFEM). [CONTINUE READING HERE]



DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com

Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb

Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters

For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/

Join thousands of readers to receive daily Latest News: