Crypto users in Nigeria briefly lose access to Binance, Kraken and Coinbase
- Cryptocurrency exchanges in Nigeria faced accessibility issues for users.
- Nigeria's apex bank instructed the telecom regulator to suspend access to crypto websites.
- Binance imposed limits on peer-to-peer transactions trading the USDT/NGN pair.
The Nigerian government's decision to restrict access to cryptocurrency platforms is likely to have a negative impact on the cryptocurrency market in the country. It raises concerns about government control over the valuation of the naira and may hinder the growth of the cryptocurrency industry. The temporary halt of the directive provides some relief, but the long-term effects of these actions are still uncertain.
