Why Binance and Other Crypto Trading Apps Was Banned In Nigeria 2024
Recent news indicates that Nigeria has instructed telecom companies and internet service providers to block access to cryptocurrency trading platforms, including Binance, Coinbase, and Kraken.
This decision comes in response to the decline of the naira and its link to crypto-trading platforms. (source: gazettengr.com) However, these platforms, including Binance, are still accessible in Nigeria as the restriction directive has been temporarily paused.
Despite regulatory challenges, Nigerian crypto enthusiasts remain resilient, exploring alternative ways to engage with digital assets. Popular peer-to-peer sites in Nigeria include Remitano, Binance P2P, Paxful, and LocalBitcoins.
Binance, with its local presence and optimized web platform, stands out among competitors. Another well-received exchange in Nigeria is Luno, currently the most popular in the country.
Why Binance and Other Crypto Tradings Apps Was Banned In Nigeria 2024
Binance and other cryptocurrency trading apps faced a ban in Nigeria for not following local rules. The Securities and Exchange Commission (SEC) of Nigeria declared Binance Nigeria Limited, a local subsidiary of Binance, illegal because it wasn’t registered or regulated in the country.
Furthermore, Nigeria’s central bank had already forbidden banks from dealing with cryptocurrencies in 2021. Despite these restrictions, Nigeria continued to be a significant player in global cryptocurrency trading, especially in peer-to-peer transactions.
Binance responded to the ban by stating it wasn’t connected to Binance Nigeria Limited, the entity targeted by the SEC.
However, the SEC insisted that Binance’s operations in Nigeria were illegal, and users engaged with the platform at their own risk. Subsequently, Binance faced increased regulatory scrutiny globally, including a lawsuit from the US SEC.
List of Crypto Trading App Banned In Nigeria
- Binance
- OctaFX
- Coinbase
- Kraken
Can Nigerians Access, Binance, OctaFX, Coinbase and Kraken Using VPN?
Yes, in Nigeria, you can use a VPN to get to restricted apps like Binance, Coinbase, and Kraken. The Nigerian government blocked these platforms, citing concerns about their impact on the country’s currency issues.
However, a VPN lets users go around these restrictions and reach the platforms. It’s important to know that even though the websites of these platforms were inaccessible due to the ban, their apps were not affected.
How Can I Access Binance App In NIgeria Using VPN?
To use the Binance app in Nigeria with a VPN, follow these steps:
- Download and Install a VPN Service: Choose a reliable VPN like ExpressVPN or NordVPN. Download and install the VPN on your device.
- Choose a VPN Server: Select a server location close to Nigeria for better performance.
- Open Binance: Once connected to the VPN server, open the Binance app and start using it as usual.
Keep in mind that using a VPN to access Binance has risks. Binance advises against it, and if detected, it may lead to penalties such as account suspension.
Be cautious and ensure compliance with local regulations and Binance’s terms of service when using a VPN to access the platform.
How Can I Access OctaFX App In NIgeria Using VPN?
To use the OctaFX app in Nigeria with a VPN, follow these steps:
- Get a VPN: Choose a reliable provider, download their app.
- Install and Connect: Install the VPN app, connect to a server where OctaFX is accessible.
- Access OctaFX App: Open OctaFX app on your device. The VPN masks your location, letting you access the app as if you were elsewhere.
Keep in mind, using a VPN for certain platforms may be restricted based on regulations or policies. Stay updated on any changes affecting your access to OctaFX or similar platforms in Nigeria.
How Can I Access Coinbase App In NIgeria Using VPN?
To use the Coinbase app in Nigeria, you can employ a VPN. However, remember that Coinbase restricts access in areas affected by U.S. Treasury sanctions and other regulations.
So, choose a VPN that allows entry to a non-sanctioned region. For enhanced privacy and security, consider reliable VPN options like PureVPN.
If you face difficulties accessing Coinbase, try these steps: use a different VPN server, clear your browser cookies and cache, update your VPN app, or contact your VPN service’s customer support. Avoid using free VPNs, as they may compromise your privacy and security.
How Can I Access Kraken App In NIgeria Using VPN?
To use Kraken in Nigeria with a VPN, consider using PureVPN. This service allows you to connect securely to Kraken through a supported server.
Sign up for a PureVPN account, download the app on your preferred platform, log in, and select a US server. If any issues arise, you can switch to a different city in America.
Keep in mind that the Nigerian government has restricted access to crypto platforms, including Kraken, citing their alleged involvement in the country’s currency challenges. Therefore, using a VPN to access Kraken in Nigeria may not be feasible or legal.
Incase You Missed The Banned of Cryptocurrency In Nigeria in 2021
The Central Bank of Nigeria (CBN) put a stop to cryptocurrency transactions in February 2021. However, in December 2023, they lifted the ban and announced plans to provide regulations for financial institutions on handling cryptocurrency to prevent misuse.
The former CBN Governor, Godwin Emefiele, mentioned that the restriction was necessary due to the risks of money laundering and terrorism financing associated with cryptocurrency.
It’s important to note that the CBN clarified they never banned cryptocurrency activity in the country, but rather prohibited transactions involving cryptocurrencies in the banking sector.
Surprisingly, in May 2023, the federal government of Nigeria decided to impose a 10 percent tax on gains from the sale of digital assets, including cryptocurrency.
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