Nigeria Temporarily Blocks Access to Major Crypto Exchanges

Access to Binance, Kraken, and Coinbase was briefly restricted in Nigeria amid concerns over the naira's valuation, but platforms are now accessible again.

• Nigeria's telecom regulator received instructions from the central bank to suspend access to crypto websites, including Binance, Coinbase, and Kraken, due to the naira's steep decline.
• Crypto exchanges like Binance have become crucial for Nigerians, offering a hedge against the naira's devaluation and serving as benchmarks for unofficial exchange rates.
• The government aims to regain control over the naira's valuation by limiting access to these platforms, with the long-term effects of these actions still uncertain.
• Binance assured users that their accounts and funds remain accessible and secure, despite some users experiencing issues accessing the site.
• Coinbase and Kraken also faced accessibility issues, but Coinbase has confirmed that its platform remains accessible in Nigeria.

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