Binance has announced its commitment to work with the Nigerian government to comply with laws and regulations. It also added that following the recent detainment of its officials, it also pledged to see its officials released and return to their families.
In early 2024, the Nigerian government accused Binance of facilitating “illicit flows” of around $26 billion and manipulating foreign exchange rates through currency speculation and rate fixing.
This has led to the detention of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, who were invited to Nigeria to discuss regulatory restrictions but were held against their will.
The Nigerian government also requested Binance to provide information on its top 100 users in the country and all transaction history spanning the past six months.
This demand is part of the ongoing negotiations between the Nigerian government and Binance, as the authorities perceive the exchange as a significant factor undermining their efforts to maintain the stability of the naira.
In response to the regulatory actions, Binance discontinued its naira (NGN) services, including delisting NGN spot trading pairs, removing NGN from the list of supported payment options on Binance Pay, and converting any remaining NGN balances to USDT.
This decision follows accessibility challenges on the Binance website due to the restrictions imposed by the Nigerian government.
The ongoing legal dispute between Binance and the Nigerian government is still unresolved, with Nigeria’s parliament threatening to issue a warrant of arrest for the company’s executives and summoning Binance CEO Richard Teng to provide explanations regarding investigations into alleged involvement in money laundering and terror financing.
In response to the demands of the Nigerian government, the largest crypto exchange in the world by number of users and liquidity, said that it recognizes the potential Nigeria possesses and aims to invest further in its tech ecosystem.
The company expressed pride in being a trusted platform in Nigeria and emphasized the importance of responsible growth.
Additionally, it highlighted Binance’s strong support for the government through organized security training sessions with law enforcement agencies, prompt responses to information requests from Nigerian authorities, and assistance in investigations into potential criminal activities.
Binance reiterated its backing for crypto expansion in Nigeria, acknowledging the flourishing fintech ecosystem. The company anticipates ongoing positive collaborations with the government to resolve existing regulatory tensions.
