The Financial Times claims that Nigeria has blocked crypto exchanges. Watcher Guru has named Kraken, Binance, and Coinbase, which are banned, while Coingape says OctaFX is also blocked.
The big claim got a mixed response
Some Nigerians confirmed the news, complaining of being unable to access Coinbase or Binance, but some said they faced no problems while accessing exchanges. Coinbase initially denied the news by confirming access from Nigeria, but acknowledged some issues a few hours later; other exchanges are tight-lipped, but most sources have confirmed it.
This is a CBDC ban
Nigerians are using crypto practically, due to which the value of the Nigerian currency, Niara, is falling. The move is believed to have been taken after all the failed attempts by the government to popularise CBDC by banning crypto. However, this ban is unnecessary; other countries are trying to gain from crypto; they cannot stop economic freedom.
Such a ban never works
The existence of crypto is linked to technology; crypto people are enthusiastic and will find alternative ways. People having assets in the blocked exchange will use VPN services to skip the blockage; they even move to multiple other exchanges that are not banned or DEX platforms. More invitations will be needed.
