The conflict between the Nigerian government and Binance continues, according to the Financial Times. The Nigerian government has also requested that Binance provide the personal information of the top 100 users in the country, as well as all transaction records from the past six months.
Since taking office in May last year, Nigerian President Bola Tinubu has abolished the fixed exchange rate system and allowed the country’s currency, the Naira, to depreciate significantly in an attempt to attract foreign investment and revive the economy.
However, this has led many people to turn to cryptocurrency exchanges, seeking to trade at unofficial Naira prices, as the Naira experienced a significant depreciation and inflation rates reached a nearly 30-year high.
This has greatly displeased the Nigerian government, which subsequently banned major exchanges such as Binance, Coinbase, and Kraken in February, accusing Binance of “currency manipulation.” Two Binance executives have been detained by the Nigerian government for the past three weeks.
Request for disclosure of information on the top 100 users
According to the latest report from the Financial Times, the Nigerian government is pressuring Binance to provide information on the top 100 users in the country, as well as all transaction records from the past six months. They are also requesting that the exchange resolve any outstanding tax payments.
The two detained Binance executives are Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, a former special agent of the US Internal Revenue Service (IRS) who is responsible for Binance’s financial crime compliance department.
According to sources, the two individuals are currently being held at a hotel near the National Security Adviser’s office. Their mobile phones and passports have been confiscated. It is reported that Binance only managed to establish contact with them on the 5th day, one week after their detention, and the two have not been charged with any crimes.
According to a court order, the court has approved the Economic and Financial Crimes Commission’s request to detain the Binance executives for 14 days. The detention period will end on Tuesday of this week, and a detention extension hearing will be held on Wednesday.
Nigeria intends to seek compensation from Binance
Olayemi Cardoso, a special adviser to the governor of the Central Bank of Nigeria, stated last month that the Nigerian government is seeking compensation from Binance to compensate for its economic losses. He emphasized that Binance’s manipulation of the Nigerian exchange rate is illegal, and that the central bank is the only institution authorized to set exchange rates in the country.
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