Nigeria’s ongoing dispute with Binance continues as the country now targets the top traders on the cryptocurrency exchange.
The Nigerian authorities are demanding user data from Binance, including names and transaction history. The government has requested the details of the top 100 Nigerian Binance users from the past six months, according to a report from the Financial Times.
This latest request comes as the government continues to detain two Binance officials against their will for the past three weeks.
The conflict between Nigeria and Binance began in late February when the exchange restricted peer-to-peer transactions involving the USD/NGN pair and removed the Nigerian naira (NGN) from trading on its platform. The government claims that Binance allowed P2P traders to manipulate the exchange rate for the USD/NGN pair, which caused a significant decline in the naira.
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), expressed concerns that Nigeria processed around $26 billion in transactions on Binance P2P, with the sources of these transactions remaining unidentified. He stated that the restrictions on crypto exchanges like Binance are aimed at preventing illegal financial activities on these platforms. During the same period, Nigerian telecommunication companies were instructed to block access to popular crypto-related websites.
The government’s actions reflect its commitment to restoring the country’s currency and ensuring its stability.
Meanwhile, two Binance officials remain in the custody of the Nigerian government. Tigran Gambaryan and Nadeem Anjarwalla, whose identities were recently revealed, traveled to Nigeria on February 25th to discuss issues related to the country’s dealings with crypto platforms. The following day, both executives were detained in the capital city of Abuja without any charges. Their phones and passports have been confiscated. A spokesperson from Binance has assured the public, including the families of the detained employees, that the exchange is actively working to secure their release.
Tags: Binance, Nigeria, Regulation
