Kraken

Temporary Disruption: Nigerian Cryptocurrency Enthusiasts Face Temporary Inconvenience with Binance, Kraken, and Coinbase Platforms

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Some cryptocurrency exchanges in Nigeria faced accessibility issues for users, prompting speculation of imposed restrictions on crypto sites, the Financial Times reported. On Wednesday, local media reported that Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), received instructions from the country’s apex bank to suspend access to crypto websites, including Binance, Coinbase and Kraken. According to Bloomberg, a presidential spokesman confirmed Nigeria’s issuance of a directive instructing telecoms and internet service providers to block access to cryptocurrency trading platforms. Only users attempting to access the website are impacted, although the app is currently available,” Binance stated. While several Binance users in Nigeria reported difficulties accessing the site in the early hours of Thursday, it appears that the directive to restrict access has been temporarily halted, as these cryptocurrency trading platforms, including Kraken and Coinbase, are currently accessible.

Binance, Kraken Websites to be Blocked in India’s Crackdown on Cryptocurrency Exchanges

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Financial Intelligence Unit, an Indian government agency which scrutinizes financial transactions, said Thursday nine global crypto exchanges — including Binance, Kraken, Kucoin and Mexc — are operating “illegally” in the country without complying with the local anti-money laundering act and asked the IT Ministry to block their websites. Global crypto exchanges are required to comply with India’s anti-money laundering rules and cannot evade the guidelines just because they don’t have physical presence in the country, the government agency said. Cryptocurrencies were brought into the ambit of anti-money laundering / counter financing of terrorism framework in India in March this year. India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction. “Most Indian crypto exchanges are FIU registered entities and adhere with the Prevention of Money Laundering Act.

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