Prominent US-based cryptocurrency exchange Coinbase has refuted allegations that it was instructed by the Nigerian government to prevent its citizens from using its cryptocurrency trading services.

This denial came directly from Coinbase CEO Brian Armstrong, who addressed the issue via a post on X. Armstrong clarified that Coinbase’s services are still operating in Nigeria and no disruptions have been reported.

Armstrong stressed that Coinbase has not been approached or contacted by Nigerian officials regarding such a directive.

Brian Armstrong said, “To my knowledge, this is not accurate WRT Coinbase. Coinbase products are still running (without interruption) and we have not received any outreach or communication from Nigerian officials.”

Controversy surrounding Nigeria’s cryptocurrency restrictions

The controversy sparked earlier this week after reports emerged that the Nigerian government had instructed telecommunications companies to block access to multiple cryptocurrency trading platforms, including Coinbase, Binance and Kraken.

The purported motivation behind the restrictions is to curb alleged manipulation of the foreign exchange market, specifically the Nigerian naira spot rate on platforms such as Binance, which was reportedly around 1,850 naira per US dollar before the alleged restrictions were imposed.

Despite these claims, many Nigerians continue to access their accounts on platforms such as Binance, suggesting a lack of concrete evidence to support the reported government directives.

The absence of official confirmation of access restrictions for Coinbase, Binance, and Kraken further adds to the ambiguity of the situation.

Nigeria is considered to have one of the largest cryptocurrency populations in the world, with transaction volume in the country’s cryptocurrency sector reaching $56.7 billion between July 2022 and June 2023, according to blockchain analytics firm Chainaanalysis.

Nigeria’s Dual Attitude towards Cryptocurrency and Blockchain

Despite Nigeria’s rather unfavorable regulatory stance on cryptocurrencies, there appears to be considerable interest in blockchain technology in the country.

Hyperspace Technologies CEO Oluseyi Akindeinde recently highlighted the potential of blockchain in enhancing security in the pharmaceutical industry in an interview with Sunday PUNCH.

Akindeinde advocates using blockchain to serialize drugs and integrate powerful security features to combat the proliferation of counterfeit drugs.

His proposals include incorporating cryptographic non-fungible token (NFT) tags into pharmaceutical products, giving them a unique identity and enhanced security measures.

Through the encryption of these NFTs, authorized individuals can access ownership details and other important information, ensuring the integrity of digital assets stored on the blockchain. #Coinbase #尼日利亞

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