The Office of the National Security Adviser is set to extend its investigation into cryptocurrency operations by summoning executives from various platforms in Nigeria. This development follows the recent detention of two senior Binance executives, revealed by the Financial Times. Sources indicate that the National Security Adviser, Nuhu Ribadu, is acting on recommendations from a report by the Nigerian Financial Intelligence Unit (NFIU), which flagged cryptocurrency platforms as potential tools for terrorism financing and other criminal activities adversely affecting national security and the Naira.
The summoned cryptocurrency operators are expected to address illegalities on their platforms contributing to corruption within the country. This crackdown comes on the heels of the Federal Government's decision to block trading on cryptocurrency platforms and instruct telcos to restrict access to their websites, affecting major platforms like Binance, OctaFx, and Coinbase.
Governor of the Central Bank of Nigeria, Yemi Cardoso, recently raised concerns about Binance Nigeria, revealing that $26 billion had flowed through the platform in the past year from unidentified sources. The ongoing investigation aims not only to address illicit financial flows but also to set an example discouraging the use of cryptocurrency platforms for activities detrimental to Nigeria's financial system.
Collaborating across agencies, a task team involving the NSA's office, the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service, and the NFIU is actively working to apprehend currency speculators and address challenges impacting the nation's economic stability.
