Crypto exchange Coinbase has said its platform is working in Nigeria, one of its biggest markets in Africa, despite reports claiming otherwise.

"We are continuing to investigate these reports, but based on an initial investigation it appears that remains accessible from Nigeria," the San Francisco-based exchange said in a statement sent to Decrypt.

Earlier on Thursday, the Financial Times reported that Nigerian authorities had restricted access to exchanges like Binance and Coinbase. Bloomberg later reported that the authorities had ordered telecommunications companies to restrict access to the platforms.

The FT said that "consumers had only intermittent access to some sites." Citizens use exchanges like Binance to get unofficial—but better—exchange rates for its currency against the dollar, Nigerian local media has reported. Nigerians can buy digital tokens like USDT on Binance using the naira.


Nigeria is currently dealing with soaring inflation and the naira this week fell to record lows.

A representative for Kraken, another American crypto exchange, declined to comment on the matter. A spokesperson for Binance, the world's biggest digital asset exchange, suggested accessibility issues in Nigeria were limited to only a portion of users in the country.

"Some users in Nigeria are experiencing issues accessing, as well as other platforms in the industry. Please be assured that Binance users' funds are secure," the representative said.

The Nigerian President's press office did not immediately respond to a request for comment.


Cryptocurrency use is growing in Nigeria, according to blockchain data firm Chainalysis, which ranked Africa's biggest economy as number two on its Global Crypto Adoption Index last year.

Editor's note: This article was updated after publication to include comments from Binance.

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