Full List: US, Canada, India, Other Countries Where Binance is Restricted From Operating
- Recently, the Nigerian government has clamped down on the cryptocurrency platform Binance
- This occurred as the platform is accused of manipulating the currency rate to influence the dip in naira further
- A new report has identified other countries where the crypto platform is banned from operating
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Nigerian Communications Commission (NCC) recently ordered telecom companies to restrict access to Binance and other cryptocurrency companies' websites.
Source: UGC
This came after the Nigerian government contemplated blocking the online platforms of Binance and other cryptocurrency companies to prevent alleged manipulation of the foreign exchange market and illicit financial transfers.
The development came on the back of a report that the naira reached an all-time low on the black market due to the recent unprecedented depreciation of the Nigerian currency.
In a recent development, Legit.ng reported that the SEC and other security operatives were investigating allegations of currency manipulations against the Nigerian currency by Binance and other crypto platforms.
The Nigerian government demanded about $10 billion as a fine from Binance for profiting from illegal forex transactions in Nigeria.
Reports say Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, stated this on Friday, March 1, 2024.
Meanwhile, it has been reported that Binance faced sanctions by the US government for repeatedly engaging in currency fraud and manipulations.
In addition to the US, the countries where Binance has been restricted or banned are as follows:
- United States
- United Kingdom
- Japan
- Italy
- Canada
- Belgium
- Nigeria
- Australia
- India
- Netherlands
- Thailand
- Philippines
- Germany
- France
- Bangladesh
- Iran
- Vietnam
- Kazakhstan
- Malaysia
- China
Why Nigeria needs to clamp down on Binance
Legit.ng reported that Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said if Nigeria fails to clamp down on Binance, the world's leading blockchain ecosystem will destroy the country's economy.
Onanuga said this in an interview on Channels Television's 'Politics Today' on Wednesday night, February 28.
The presidential aide accused Binance of 'just fixing the rate' and contributing to Nigeria's current unpalatable economic situation.
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Source: Legit.ng
