Nigerian authorities on Thursday blocked the website of Binance and similar cryptocurrency trading platforms in a move to halt the free fall of the naira in the foreign exchange market.
Hours after Nigerian internet service providers started blocking access to crypto exchanges, Binance said it is “aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry.”
The cryptocurrency platform explained that only users attempting to access the website are impacted by the restriction as they can continue to use the Binance app where “all user funds are secure and accounts can still be accessed.”
However, contrary to Binance’s claim, the app is also down on Android and iOS devices and can only be accessed with the aid of a VPN.
A user told The Guardian that there was difficulty transferring “my money to my bank account”.
Sources within the Presidency claimed on Wednesday that currency speculators were using Binance and other cryptocurrency platforms to influence the weakening of the Nigerian naira to the dollar. As of 10:00 pm Nigerian time on Wednesday, a dollar was being traded for N1,866.
