Coinbase, a outstanding crypto change headquartered in the USA, has debunked allegations that it was instructed by the Nigerian government to prevent its citizens from using its crypto trading services.

The denial got here straight from Coinbase’s CEO, Brian Armstrong, who addressed the problem by way of a publish on X. Armstrong clarified that Coinbase’s providers are nonetheless operational in Nigeria, with no interruptions reported.

Armstrong emphasised that Coinbase has not been approached or contacted by Nigerian officers concerning such directives.

That is inaccurate WRT Coinbase so far as I can inform.
Coinbase merchandise are nonetheless working (no interruption)
We haven’t obtained any outreach or communication from officers in Nigeria

— Brian Armstrong 🛡️ (@brian_armstrong) February 23, 2024

Controversy Surrounding Crypto Restrictions In Nigeria

The controversy emerged following reports circulating earlier this week alleging that the Nigerian authorities had instructed telecommunication firms to dam entry to a number of crypto buying and selling platforms, together with Coinbase, Binance, and Kraken.

EXCLUSIVE: Foreign exchange Disaster: Nigeria plans clampdown on Binance, different crypto companieshttps://t.co/4eE0VWBgRq pic.twitter.com/ZNGAhdSjFw

— Premium Occasions (@PremiumTimesng) February 21, 2024

The purported motive behind these restrictions was to curb suspected manipulation of the international change market, significantly regarding the Nigerian Naira’s spot price on platforms like Binance, which reportedly stood at roughly 1,850 naira per greenback earlier than the alleged restrictions.

Regardless of the claims, many Nigerians have continued to entry their accounts on platforms like Binance, indicating a scarcity of concrete proof supporting the reported authorities directives.

Binance continues to be working completely in nigeria. So why are individuals saying it’s not? pic.twitter.com/jmj5Pw212B

— Cryptengine (@cryptengine) February 23, 2024

The absence of official affirmation concerning entry restrictions to Coinbase, Binance, and Kraken provides additional ambiguity to the scenario.

Nigeria, acknowledged for proudly owning one of many largest crypto populations globally, has witnessed vital transaction volumes within the crypto house, reaching $56.7 billion between July 2022 and June 2023, in keeping with knowledge from blockchain analytics agency Chainalysis.

Nigeria’s Twin Strategy To Crypto and Blockchain

Whereas Nigeria’s regulatory stance in the direction of cryptocurrencies is quite unfavorable, there seems to be an current appreciable curiosity in blockchain know-how inside the nation.

In a current interview with Sunday PUNCH, Oluseyi Akindeinde, CEO of Hyperspace Applied sciences, emphasized the potential of blockchain in enhancing security within the pharmaceutical sector.

Akindeinde advocated for using blockchain to serialize pharmaceutical merchandise and combine strong security measures to fight the proliferation of counterfeit medication.

His proposal entails incorporating encrypted non-fungible token (NFT) tags into pharmaceutical objects, offering them with distinctive identities and heightened safety measures.

By way of the encryption of those NFTs, approved people can entry possession particulars and different important info, guaranteeing the integrity of digital belongings saved on the blockchain.