FG Blocks Binance, OctaFX, Other Crypto Firms Over Forex Crisis
Reports disclosed that the decision was targeted at averting what the government considers continuous manipulation of the forex market and illicit movement of funds.
Sources within the telecom industry confirmed on Wednesday, February 21, 2024, that the Nigerian Communications Commission (NCC) instructed the telcos to restrict access to all cryptocurrency websites in the country.
For its part, Binance had stated that its platform is not for currency pricing and vowed to support the Federal Government’s effort at stabilising the foreign exchange market.
“As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance,” Binance explained in a statement issued on Wednesday.
It added that “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”
In a separate statement, the firm confirmed that it suspended transactions to protect users from price suppression.
