Binance, Alongside Other Crypto Firms, Faces Regulatory Ban in Nigeria

Fazzaco learned that the embattled crypto giant Binance is facing a ban in Nigeria, which just lifted its ban on crypto transactions months ago​.

An adviser to Nigeria's president has called to block access to Binance, citing the exchange is causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.

Currently, Binance is facing regulatory showdown in many countries, such as the US, Singapore, Canada, the UK, the Philippines, and more recently, India​.

India's Financial Intelligence Unit claimed that Binance was "operating illegally" and did not comply with the Prevention of Money Laundering Act. Eight other crypto firms are also on the list, including Kraken、HTX、Kucoin、Bittrex、Gate.io、Bitstamp、Bitfinex and MEXC Global.

In addition, Binance has withdrawn an application for an Abu Dhabi licence, over the concerns that regulatory pressures mount.

Beyond Binance, several other companies are also at risk of being banned from operating in Nigeria, including Kucoin, Bybit, OctaFX, and Coinbase.