Tinubu Govt Blocks Binance, OctaFX, Others Over Forex Crisis

The Federal Government has reportedly blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds.

Naija News reports that the latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country.

It was gathered that the Nigerian Communications Commission (NCC) communicated the directive to telecommunication companies to the block the crypto platforms.

Speaking with PremiumTimes, a source within the telcos in the country on Wednesday evening said the directive is being acted upon.

The source said some of the crypto firms blocked include Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others.

According to the publication, the Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.

Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira and the forex crisis.

Operatives of the Economic and Financial Crime Commission (EFCC) arrested some currency exchange operators in the famous Kano currency exchange market, WAPA, in the early hours of Wednesday.

An eyewitness, Malam Isma’ila Zico, who spoke with Daily Trust, said officials of the EFCC surrounded the dollar exchange section of the market and apprehended many operators.

Confirming the raid,  the WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, said the operatives of the EFFC were in the market to address the issue of dollar hoarding and operators that were yet to register as certified bureau de change operators.

He explained that EFCC had made some arrests, and those arrested were taken away for further investigations.

The chairman added that normal activities had returned in the market, and the association was ready to comply should the need arise.

The operatives also raided Bureau De Change operators in Sabo, Ibadan, over an alleged naira/dollar exchange hike.

Confirming the raid, an eyewitness said the current trading rate in the market is around N1900 to N1,940, adding that the operatives confiscated a lot of cash and arrested ten people.