• Saturday, April 20, 2024
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Binance confirms website restriction, mobile app unaffected

Nigeria wants Binance to pay $10bn fine

Binance has confirmed that some users are having issues accessing its website.

The cryptocurrency firm, however, stated that its mobile app is still up and running. Also, checks by BusinessDay revealed that Binance’s website is still up and running with Internet Service Providers such as MainOne. It does not work when mobile network operators like MTN are used.

In an email to users on Thursday, Binance said, “We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry. Only users attempting to access the website are impacted, although the app is currently available.”

Read also: Nigeria restricts Binance, others access months after lifting ban

The crypto firm noted that users’ funds are secure and can still be accessed. The firm reiterated its commitment to local regulations and laws. Since Tuesday, Binance has had to restate its commitment to working with Nigerian regulators amidst rumours of aiding naira speculation activities.

On Wednesday, the firm confirmed it paused transactions on its platform to protect users from price suppression. Addressing rumours of currency speculation, the crypto firm said, “It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on.

“However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets.”

Read also: Binance to work with Tinubu-led govt to block dollar-naira exchange

Later on Wednesday, a directive from the Nigerian Communications Commission asked telecom firms to block access to the websites of Binance and some other cryptocurrency firms.

A top telecom industry source confirmed the directive, stating it was to take effect immediately. Restricting access to Binance is part of the government’s ‘effort’ to help the naira. Recently, it asked the Economic and Financial Crimes Commission to arrest Bureau de Change operators for speculative activities.

Before it was restricted, the spot rate on Binance was around N1,850/$. As of the time of filing this report (05:05 pm on Thursday), the rate was N1,680.9/$. Chimezie Chuta, founder and coordinator of Blockchain Nigeria User Group, told BusinessDay in an earlier interview that the government was focusing on the wrong thing.

Read also: Binance paused Nigerian trades over price suppression

“This won’t be sustainable because many other ways to exchange crypto exist. Social media can fill this Peer to Peer gap. This will only worsen the situation,” he added.

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