Coinbase confirms its platform remains accessible in Nigeria despite rumors of a government-led crypto crackdown. Reports entailed that Nigeria’s government directed telecommunication companies to block crypto exchanges, among them, Binance and Kraken. The move is made at a time when there are talks about the falling value of the Nigerian naira, specifically the participation of crypto exchanges in the process of rate setting for the currency.

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• Coinbase officially declares that its platform is still accessible in Nigeria, dispelling rumors of government-led crypto restrictions.
• The Nigerian government directs telecommunications providers to block access to major cryptocurrency exchanges, including Binance, Coinbase, and Kraken, as part of increased regulatory efforts.
•  In response to allegations, a Coinbase spokesperson states that preliminary checks confirm Coinbase.com is accessible to users in Nigeria, offering reassurance to customers and investors in the country.

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Coinbase Clarifies Its Operational Status in Nigeria Amidst Crypto Restrictions Rumors

In a significant announcement that has stirred the cryptocurrency community, Coinbase, a premier digital currency exchange, has dispelled rumors about its operational restrictions in Nigeria. This assertion is made on the background of an aggravated discussion on the possibility of a cryptocurrency ban in the country.

​ As press releases from several credible sources such as the Financial Times of recent times point, the Nigerian government ordered local telecommunications providers to block access to top cryptocurrency exchanges, such as Binance, Coinbase, and Kraken. It was observed that these measures came in line with the moves by the government that aimed at bringing more regulation of the progressively growing digital currency industry within the country.

​ As a reply to these rumors, a spokesman for Coinbase told CoinDesk saying, “We are still fact-checking these accusations yet preliminary inquiry shows that Coinbase.com is accessible to users in Nigeria”. This reassures many Nigerian customers and investors of Coinbase.

The issue of regulatory scrutiny of crypto exchanges in Nigeria is not new. In July, the country’s securities authority labeled Binance’s operations in Nigeria as unauthorized. While Binance has not yet commented on the issue, Kraken has opted not to comment.

The government’s recent actions appear to be driven by the continuous decline of the Nigerian naira, which has reached all-time lows against the U.S. dollar, leading to increased financial instability in the country. This was exacerbated by a significant cash shortage before the last national elections. Government officials, including Bayo Onanuga, an advisor to Nigerian President Bola Tinubu, have criticized crypto platforms like Binance for setting exchange rates for the Nigerian currency, a role traditionally held by the nation’s central bank.

Despite previous stringent measures against crypto, including barring service providers from accessing local banking services—a decision that was later reversed—Nigeria remains a significant adopter of cryptocurrency, particularly for remittances.

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