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