Luno Nigeria Suffers Outage, Millions of Users Affected

Access to the website of the popular cryptocurrency company, LUNO, is currently unvailable for Nigerian users, On-Chain reporters gathered.

The network outage has left over 3 million Nigerian users stranded for days. As of the time of writing, many of the affected users are seeking details about the outage and its expected resolution on its Telegram channel.

LUNO has a huge customer base in the West African country providing seamless access to digital currencies ranging from Bitcoin to USDC. 

Analysts believe this event is the outcome of the government's ongoing crack down on cryptocurrency platforms such as Binance over what it described as forex speculation.

Early last week, Nigeria’s financial watchdog, the EFCC , raided popular BDC outlets in the country to put paid to the atrocious pressure that currency speculators were mounting on the Nigerian Naira at the parallel market

This was followed by a crackdown on Binance and other cryptocurrency platforms, which were allegedly used by P2P crypto traders to manipulate the naira.

Nigeria continues to maintain an ambiguous crypto policy reversing recent progress in blockchain adoption and virtual assets regulation.

The new CBN governor Dr. Olayemi Cardoso told journalists on Tuesday that over $26 billion of illegal funds was transacted on ‘Binance Nigeria’ in one year, highlighting the possibility of a more strigent regulation of the country's emerging market.