• NigeriaCoinbase has refuted claims that it acquired a directive to dam Nigerians from its platform.
• In accordance with quite a few studies, the Nigerian authorities has ordered the shutdown of digital forex buying and selling platforms.
• The Coinbase CEO emphasised that the corporate's trade stays accessible to Nigerians.

Distinguished US trade Coinbase has refuted claims that it acquired a directive from the Nigerian authorities to limit entry to its platform for its residents. This denial got here to gentle by a current assertion from Coinbase CEO Brian Armstrong through social media platform X.

Armstrong was reacting to studies claiming that the Nigerian authorities has blocked its residents' entry to 3 distinguished cryptocurrency buying and selling platforms, together with Coinbase, Binance, and Kraken.

“To my information, that is inaccurate concerning Coinbase. The Coinbase product continues to function (no interruptions). Now we have acquired no help or communication from the Nigerian authorities,” Armstrong stated. .

Notably, the controversy started earlier this week when Nigerians took to social media platform X to precise their frustration at not having the ability to entry their most well-liked cryptocurrency buying and selling platform. Some individuals wanted to make use of a digital personal community (VPN) to entry cryptocurrency exchanges.

This has led to hypothesis that the Nigerian Communications Fee (NCC), which regulates web service suppliers, might have directed telecom firms to limit entry to those crypto exchanges.

In accordance with British media outlet Monetary Instances, the choice was geared toward stemming the decline in Nigeria's native forex, NGN, which has been in decline for a number of months.

Nonetheless, no authoritative sources have confirmed that the federal government has ordered restrictions on entry to Coinbase, Binance, and Kraken. Moreover, subsequent updates on X by some Nigerians advised that these cryptocurrency exchanges stay accessible, refuting studies suggesting in any other case.