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As reported by the Financial Times, Nigeria is actively pursuing information from Binance regarding its top 100 users in the country and their complete transaction history over the past six months.
Detention of Binance Executives
This development coincides with the recent revelation of the detention of two executives from the cryptocurrency exchange.
Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, the platform’s regional manager for Africa, were detained two weeks ago, according to Wired.
Last month, Gambaryan and Anjarwalla, whose passports were confiscated, were held in confinement at a government facility in Abuja, Nigeria’s capital. The detainment is part of Nigeria’s broader crackdown on cryptocurrency exchanges, which is part of efforts to revitalize the country’s national currency, the naira.
Before their detention, Gambaryan, a U.S. citizen, and Anjarwalla, a dual citizen of the U.K. and Kenya, met with Nigerian authorities to discuss Binance operations and regulatory compliance.
Regulatory Concerns and Pending Charges
Nigeria’s central bank has expressed concerns about tax revenue loss from unregistered crypto exchanges and accused Binance of operating illegally, alleging involvement in illicit financial flows totaling $26 billion. As a result, the detained executives may face charges related to currency manipulation, tax evasion, and illegal operations, according to Bloomberg.
According to Tech Crunch, no executives were charged with criminal offenses as of Tuesday. The anti-corruption agency of Nigeria also detained both Binance executives for two weeks, which ended on Tuesday. A proposed hearing to extend the court order is scheduled for Wednesday.
Ongoing Negotiations and Parliamentary Involvement
Nigeria’s request for information on Binance’s top users is the latest development in negotiations between the cryptocurrency platform and Africa’s largest crypto market.
Nigeria’s parliament threatened to issue a warrant of arrest for Binance executives and summoned CEO Richard Teng to address investigations into alleged involvement in money laundering and terror financing.
Based on a Coinfomania report, the Nigerian government alleged that Binance permitted P2P naira traders to manipulate the exchange rate. As a result of ongoing regulatory disputes, the cryptocurrency exchange disabled the P2P feature for the currency.
Meanwhile, documents reviewed by the Financial Times reveal that Nigeria, through its national security adviser, has requested Binance to address any outstanding tax liabilities.
Photo: Salem Ochidi/Unsplash
