Nigeria Demands Binance to Disclose Information on Leading 100 Local Traders
Nigeria’s ongoing conflict with Binance continues, as the country now targets the top traders on the popular cryptocurrency exchange.
The Nigerian government has demanded users’ information from Binance, including names and transaction history. The request specifically targets the top 100 Nigerian Binance users from the past six months, according to a report from the Financial Times.
This latest move comes as the government continues to hold 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 subsequently removed the Nigerian naira (NGN) from trading on its platform. The government accused Binance of allowing P2P traders to manipulate the exchange rate for the USD/NGN pair, which resulted in a significant decline in the naira’s value.
The governor of the Central Bank of Nigeria, Olayemi Cardoso, expressed concerns that Nigeria processed approximately $26 billion in transactions on Binance P2P, with the sources of these transactions remaining unidentified. Cardoso stated that the restrictions placed on crypto exchanges like Binance are intended to curb illegal financial activities conducted through these platforms. Around the same time, Nigerian telecommunication companies were ordered to block access to popular crypto-related websites.
The government’s actions demonstrate its commitment to restoring the country’s currency and ensuring its stability.
Meanwhile, the two Binance officials who traveled to Nigeria on February 25th to address the country’s crypto-related issues remain in the custody of the Nigerian government. The identities of these officials, Tigran Gambaryan and Nadeem Anjarwalla, were recently made public. They were detained in Abuja, the capital city, the day after their arrival, and their phones and passports have been confiscated. A spokesperson from Binance assured the public, including the families of the detained employees, that the exchange is working towards securing their release.
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Binance
Nigeria
Regulation
