Coinbase Denies Allegations of Being Blocked in Nigeria Amid Regulatory Scrutiny

Cryptocurrency platform Coinbase has refuted recent reports suggesting that it is facing blockades in Nigeria, Africa's most populous nation. Contrary to claims made by the Financial Times (FT) indicating that the Nigerian government had orchestrated a block on platforms including Coinbase, Binance, and Kraken, a spokesperson for Coinbase informed Coindesk that the platform remains accessible in Nigeria.

"We are continuing to investigate these reports, but based on an initial investigation, it appears that Coinbase.com remains accessible from Nigeria," stated the spokesperson, addressing concerns raised by the FT report.

According to the FT, Nigeria's purported move aligns with efforts to curb currency speculation amidst a decline in the value of the country's naira, signifying a notable shift in the government's stance. Last December, the Central Bank of Nigeria (CBN) lifted a nearly three-year-old ban on cryptocurrency transactions, albeit with a stipulation for virtual asset service providers (VASPs), including cryptocurrencies and crypto assets, to obtain licensing from the Nigerian SEC.

Bayo Onanuga, an adviser to Nigerian President Bola Tinubu, criticized crypto platforms for "blatantly setting exchange rates for Nigeria," advocating for stringent measures to stem the outflow of the country's currency.

Amidst mounting regulatory pressures in the U.S., Coinbase and other crypto entities are eyeing overseas markets, with Singapore emerging as a focal point. A recent Coinbase survey revealed that over half of Singapore's finance-savvy residents own cryptocurrency, with staking emerging as a favored activity. Coinbase expressed optimism about decentralized technologies' potential to democratize financial services, emphasizing Singapore's growing interest in crypto and staking activities.