Coinbase CEO Brian Armstrong has denied reports of his cryptocurrency exchange being blocked in Nigeria, stating that their products are fully operational without interruptions. Armstrong confirmed that they have not received any outreach from Nigerian officials. On the other hand, Binance has admitted to facing some issues with users in Nigeria.
This article originally appeared on news.bitcoin.com
Coinbase, one of the world’s leading cryptocurrency exchanges, has reassured its users in Nigeria that there is no access block in the country and that the platform is operating normally. This statement comes after reports emerged that some Nigerian users were experiencing difficulties accessing their Coinbase accounts.
In a tweet, Coinbase CEO Brian Armstrong stated, “Coinbase is not blocked in Nigeria. We’re seeing significant account growth among retail and institutional customers in Nigeria, and are exploring ways to better serve this market. Nigeria is an important market for us and we are committed to providing a seamless experience for our users in the country.”
The reassurance from Coinbase comes at a time when the Nigerian government has been cracking down on cryptocurrency trading in the country. In February, the Central Bank of Nigeria (CBN) issued a directive that effectively banned financial institutions from processing transactions related to cryptocurrency trading. This move sparked outrage among the cryptocurrency community in Nigeria, with many fearing that they would no longer be able to access their funds on exchanges like Coinbase.
However, Coinbase’s statement that there is no access block in Nigeria should provide some relief to Nigerian users who rely on the platform for their cryptocurrency trading needs. The exchange’s commitment to exploring ways to better serve the Nigerian market also bodes well for the future of cryptocurrency trading in the country.
Cryptocurrency has become an increasingly popular investment option in Nigeria, especially among the younger generation who are drawn to the potential for high returns in a volatile market. The crackdown by the Nigerian government has led to concerns about the future of cryptocurrency trading in the country, but Coinbase’s assurance that it is operating normally in Nigeria is a positive sign for the industry.
As cryptocurrency continues to gain mainstream acceptance around the world, it is important for exchanges like Coinbase to ensure that users in all countries have access to their platforms. By addressing concerns about access blocks and committing to better serve the Nigerian market, Coinbase is demonstrating its dedication to providing a seamless experience for users in Nigeria and beyond.
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