The Nigerian government, led by influential figure Bola Tinubu, has insisted that Binance, the world's largest cryptocurrency platform, disclose the identities and transaction details of its top 100 Nigerian users. This demand, according to reports by the Financial Times, is at the epicenter of negotiations between Binance and Nigerian authorities, as the government perceives the platform as a significant factor undermining efforts to stabilize the national currency, the naira.
The request for the six-month transaction history aligns with the timeline of Nigeria's recent currency devaluation, adding a layer of complexity to the unfolding situation. This development coincides with the detention of two high-ranking Binance officials, Tigran Gambaryan and Nadeem Anjarwalla, who remain in custody two weeks after their arrest by Nigerian authorities.
We previously reported on the arrest of Gambaryan and Anjarwalla, who were allegedly invited by the Nigerian government. However, Presidential spokespersons Ajuri Ngelale and Bayo Onanuga have yet to respond to inquiries regarding the government's demand.
Binance, too, has refrained from commenting on the request, citing privacy concerns for its users. The platform stated, "It is inappropriate for us to comment on the substance of the claims at this time." However, Binance assured that it is actively collaborating with Nigerian authorities to ensure the safe return of the detained executives to their families.
In a bid to salvage the depreciating Nigerian naira, Tinubu's government previously blocked access to the Binance website for Nigerian users, accusing the platform of aiding currency speculators in manipulating the national exchange rate. This clampdown led to Binance's exit from the Nigerian market, with all naira-related transactions discontinued on its platform.
