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Naira Free Fall: FG Blocks Binance, OctaFX, Others Over Forex Crisis
Eko Hot Blog reports that the Federal Government has reportedly blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds.
This latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country.
It was gathered that the Nigerian Communications Commission (NCC) communicated the directive to telecommunication companies to the block the crypto platforms.
NCC
Speaking with PremiumTimes, a source within the telcos in the country on Wednesday evening said the directive is being acted upon.
The source said some of the crypto firms blocked include Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others.
According to the publication, the Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.
COS Femi Gbajabiamila
Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira and the forex crisis.
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