Coinbase, a leading crypto exchange based in the United States, has refuted claims suggesting that it received instructions from the Nigerian government to restrict its citizens from accessing its cryptocurrency trading services.
The rebuttal originated from Brian Armstrong, the CEO of Coinbase, who addressed the matter in a post on X. Armstrong explicitly stated that Coinbase’s operations in Nigeria remain unaffected, with no reported disruptions in services.
Armstrong highlighted that Nigerian officials have not approached or contacted Coinbase regarding these directives. The dispute arose after circulating reports earlier this week suggested that the Nigerian government had directed telecommunications companies to restrict access to various cryptocurrency trading platforms, such as Coinbase, Binance, and Kraken.
However, Alleged limits aim to prevent manipulation of foreign exchange market. Specifically target Nigerian Naira spot rate on platforms like Binance. Reported to be 1,850 naira per dollar pre-restrictions. Contrary to the assertions, numerous Nigerians persist in accessing their accounts on platforms such as Binance, highlighting the absence of substantial evidence backing the purported government directives.
Nigeria’s Crypto Surge Amid Regulatory Uncertainty
The lack of official verification regarding limitations on access to Coinbase, Binance, and Kraken introduces additional uncertainty to the situation. Nigeria, renowned for having one of the largest cryptocurrency user bases worldwide, experienced notable transaction volumes in the crypto sphere, totaling $56.7 billion from July 2022 to June 2023, as reported by blockchain analytics firm Chainalysis.
Despite Nigeria’s regulatory resistance to cryptocurrencies, there seems to be a significant interest in blockchain technology within the country. In a recent interview with Sunday PUNCH, Oluseyi Akindeinde, CEO of Hyperspace Technologies, highlighted the potential of blockchain to enhance security in the pharmaceutical sector.
Akindeinde suggested using blockchain to serialize pharmaceuticals. The aim is to enhance security against counterfeit drugs. His plan involves adding special secure tags to medicine bottles.
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