Nigerian Government Urges Binance for Disclosure of Local User Data, Top 100 Included

Nigeria’s central bank has accused Binance, one of the largest cryptocurrency exchanges in the world, of engaging in illegal activities and money laundering, leading to the loss of $26 billion in illicit funds. As a result, Binance has decided to withdraw from the Nigerian market and suspend all services involving the Nigerian Naira (NGN) due to regulatory issues and ongoing negotiations.

The Nigerian government has been demanding transparency from Binance, including the disclosure of information about its top users and transaction history. In response to these demands, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, have been detained for two weeks, with their passports confiscated and held by the Nigerian government.

Although no formal charges have been filed against the executives, they remain in detention as Nigeria’s anti-corruption agency has obtained a 14-day detention order, pending a court hearing to extend it. The Nigerian parliament has even threatened to issue arrest warrants for Binance executives.

The fate of the detained executives and the future of Binance’s operations in Nigeria now hinge on the upcoming court order, scheduled for Wednesday. The outcome of the court order will determine whether Binance can overcome the regulatory challenges it faces or if this marks the end of its venture in Nigeria.

It is clear that the Nigerian government is determined to crack down on unregistered cryptocurrency exchanges in an effort to revive its national currency and recover lost tax revenue. The situation remains uncertain, and only time will reveal the ultimate consequences for Binance and its Nigerian operations.

On a separate note, it is worth mentioning that Binance founder CZ has recently been ordered by a U.S. judge to surrender his passport, adding to the legal struggles faced by the exchange.