2024-03-15 07:35:52
Nigeria demands a Binance crypto exchange to release the names and transaction history of its top 100 Nigerian users to the government.
The demand comes as two high-ranking Binance executives are being detained by the Nigerian government for the third week on charges of currency manipulation. As previously reported, Binance employees Tigran Gambaryan and Nadeem Anjarwalla are being held against their will after arriving in Abuja on February 25 at the invitation of the country’s government. Before the arrest, Nigerian officials Binance was accused of playing a role in the rapid devaluation of the naira.
The news according to Nigeria sees Binance as a key link undermining the government’s efforts to stabilize the naira. The country’s government and the crypto exchange have previously been embroiled in a dispute over about $26 billion in untraceable funds. In addition, Nigeria is asking Binance to settle its outstanding tax obligations. Meanwhile, Binance has removed the USDT/naira trading pair from its platform. This has caused concerns for residents of the country, as Binance is considered the most popular cryptocurrency platform in the African state.
President Bola Tinubu’s government says the rise of crypto exchanges like Binance is challenging as it offers alternative exchange rates to the naira and also fuels speculation.
Nadeem Anjarwalla and Tigran Gambaryan remain in custody without charge in the capital, Abuja. Their detention, seen by some as a tactic to force Binance into compliance, has caused diplomatic tensions with the UK and the US, the leaders’ home country.
“While we are unable to comment on the allegations at this time, we can say that we are working with the Nigerian authorities to bring Nadeem and Tigran home to their families.” Binance announced.
Some critics say that the focus on Binance, in addition to the need for regulation, does not necessarily address the economic problems in the country. They say a more nuanced approach is needed to ensure stability and growth.
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