The Nigerian government on Thursday blocked access to the websites of popular cryptocurrency platforms like Binance and Coinbase, forcing many Nigerians to turn to virtual private networks (VPNs) to access them.
While the government hasn’t officially commented on the blockade, local media outlets say the move is part of efforts to stabilize the country’s fast-depreciating currency.
Binance, the world’s largest cryptocurrency trading platform, confirmed to local media on Thursday that its website is inaccessible in Nigeria, but said its app remains operational. However, some Nigerians say the Binance app also isn’t also working.
Binance Accused of Manipulating the Price of the Naira
In a lengthy tweet on Wednesday, Bayo Onanuga, an advisor to Nigeria’s President Bola Tinubu, accused Binance of “blatantly setting the exchange rate for Nigeria.”
“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform,” Onanuga posted.
“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned,” he added.
Binance denied setting the price of the Naira in a statement on Thursday, explaining that its platform “is market-driven and is not intended to be a proxy for currency pricing in Nigeria.”
Meanwhile, Binance has assured its users in Nigeria that their funds are safe.
“We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P [peer-to-peer] product,” Binance said.
“Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit,” it added.
This isn’t the first time Nigerian authorities have clamped down on cryptocurrency transactions. In 2022, the Central Bank of Nigeria (CBN) issued a directive ordering financial institutions to close the accounts of anyone involved in trading crypto. CBN only lifted the ban in December 2023.
The Role of VPN in Protecting Free Access to the Web
As Nigerians navigate these restrictions, the role of VPNs becomes increasingly prominent, offering a gateway to unrestricted internet access.
The need for secure and unrestricted internet access extends beyond cryptocurrency trading. A reliable VPN also serves as a shield against censorship. This is particularly relevant for journalists, activists, and everyday citizens who seek to express their views and access information freely. A VPN can even help you access blocked streaming platforms.
We’ve conducted tests to determine the best VPN for Nigeria, and CyberGhost emerged on top. Here’s how to set up a VPN in Nigeria.
- Subscribe to CyberGhost VPN.
- Install the CyberGhost app on your device and log in.
- Connect to a server. For the best speeds, we recommend connecting to a server close to your country.
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