Nigeria continues regulatory tussle with Binance. The country is now going after top traders on the exchange.
Nigerian authorities are demanding users’ data from the world’s largest cryptocurrency exchange Binance, which comprises details such as names and transaction history. According to a Financial Times report, the government requested the details of the top 100 Nigerian Binance users in the past six months.
The latest request comes when the government continues to detain two Binance officials against their will over the past three weeks.
How It All Started
In late February, Binance restricted peer-to-peer transactions involving the USD/NGN pair and subsequently removed the Nigerian naira (NGN) from trading on its website. According to the government, Binance allowed P2P traders to manipulate the exchange rate for the USD/NGN pair, a stir that aligned with a significant decline in the naira.
Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor, has expressed concerns that Nigeria processed around $26 billion in transactions on Binance P2P with sources that remain unidentifiable. He further explained that the restrictions placed on crypto exchanges like Binance are aimed at limiting illegal financial activities conducted through these platforms. Around the same period, Nigerian telecommunication companies were ordered to disable access to prominent crypto-affiliated websites.
The government’s actions emphasize its commitment to restoring the country’s currency as well as ensuring its stability.
Binance Officials Remain in Nigeria’s Custody
As the matter between the West African country and the leading crypto exchange lingers, two Binance officials remain in the government’s custody. Tigran Gambaryan and Nadeem Anjarwalla, whose identities were recently disclosed to the public, travelled into the country on February 25th to discuss issues involving Nigeria’s dealing with crypto platforms.
The next day, both senior executives were detained without charges in the country’s capital, Abuja. Their phones and passports have been seized upon detention. A Binance spokesperson assured the public, including the families of both employees, that the exchange is working towards ensuring their release.
