The Federal Government has purportedly sought detailed information from the cryptocurrency trading platform, Binance, regarding its top 100 users in Nigeria, as part of an investigation into the company’s dealings with the country. The request, made through the Office of the National Security Adviser (ONSA), aims to establish a comprehensive understanding of the interactions between Binance and Nigeria.
According to reports from the Financial Times, the Nigerian government has also instructed Binance to provide the complete transaction history within the country for the preceding six months. Additionally, the government is urging the cryptocurrency firm to address any outstanding tax obligations within Nigeria before the release of its detained executives.
“Nigeria is pressing Binance for information on its top 100 users in the country, as well as all transaction history for the past six months,” the report stated.
This reported request coincides with the detention of two Binance officials, Tigran Gambaryan (a U.S. citizen) and British-Kenyan Nadeem Anjarwalla, who have been held for two weeks following their arrest by Nigerian authorities.
When approached for comment, a Binance official declined, citing concerns about violating users’ privacy. The official mentioned, “It is inappropriate for us to comment on the substance of the claims at this time. We can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families.”
The Federal Government’s recent actions against Binance include accusations of undermining efforts to stabilize the naira, leading to the arrest of three executives from the firm. Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, asserted that Binance and other crypto platforms should be prohibited from operating in Nigeria. He alleged that Binance was “blatantly setting exchange rates for Nigeria” and encroaching upon the role of the Central Bank of Nigeria (CBN).
In response to Onanuga’s statements, CBN Governor Olayemi Cardoso highlighted that $26 billion had passed through Binance from unidentified sources. The unfolding developments underscore the heightened scrutiny on cryptocurrency platforms in Nigeria and their broader implications for the industry’s regulation.
