Nigeria’s Coinbase Block Report Is False, Says Brian Armstrong

(CTN News) – The CEO of Coinbase, an American crypto exchange, has refuted reports that the Nigerian government prohibited traders from accessing the site.

As reported in the social media publication X, Armstrong responded to allegations that Nigeria was blocking access to many leading cryptocurrency trading platforms.

These platforms include Coinbase, Binance, and Kraken. According to Armstrong, there is growing concern and speculation among Nigerian users regarding the possibility of their use of these platforms.

The Coinbase CEO clarifies Nigerian confusion

In his statement, Armstrong clarified the situation from Coinbase’s perspective, emphasizing that the exchange’s services to Nigeria have not been interrupted. In my opinion, this statement is not accurate regarding Coinbase. All Coinbase products (even those that were interrupted) are currently operational.

The Pillager from Nigeria has not yet contacted us,” stated Armstrong. It was intended to dispel gossip and provide clarity to users who had been shocked by the news of possible government interference in cryptocurrency trading.

A controversy briefly erupted when Nigerian users took to X to express their frustration at not being able to access their favorite cryptocurrency exchanges. Some users reported using VPNs to circumvent what appeared to be an access restriction, which led everyone to conclude that the NCC was trying to direct telecom companies to block these platforms.

UK media, including the Financial Times, hinted that the idea might have been woven to cushion the falling value of the NGN, which has been falling steadily for several months.

Clarifications and enhancements to the user experience

The earlier reports of a government-enforced blockade have been challenged, despite the initial panic and confusion among users. According to Nigerians on X, access to Coinbase, Binance, and Kraken remains unimpeded. As a result of these updates, we have gained a more nuanced understanding of the situation, which has highlighted both the complexity of internet regulation and the global nature of cryptocurrency trading.

Since neither the Nigerian government nor NCC have issued an official statement regarding these allegations, speculation has prevailed. Users on social media platforms have thus provided valuable real-time information that is helping to demystify the cryptocurrency situation for the broader community of cryptocurrency enthusiasts in Nigeria and beyond.

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