The federal government has reportedly blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manip¥lation of the forex market and illicit movement of funds.

Sources within the major telecommunication companies in the country told PremiumTimes on Wednesday evening, February 21, that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.

According to the publication, Presidency and regulatory sources said the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.

Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.