Nigeria intensifies its ongoing conflict with cryptocurrency exchange Binance by requesting a list of the top 100 users in the country and their transaction histories over the last six months. This development is part of a broader standoff that has seen two of Binance’s top executives detained in Nigeria for over two weeks.
Tensions Rise with Executive Detention
The tension between the Nigerian government and Binance surged following the detention of Tigran Gambaryan, Binance’s compliance head, and Nadeem Anjarwalla, the Africa region manager. They were invited to Nigeria by the government and have been held in a facility operated by Nigeria’s National Security Agency since February 25. Despite their detention, neither Gambaryan nor Anjarwalla faces any formal charges, leading to allegations they are being held as hostages.
The Core of the Conflict
At the heart of the dispute is Nigeria’s claim of approximately $26 billion in untraceable funds, a situation the government believes Binance significantly contributes to, affecting efforts to stabilize the Nigerian currency, the naira. In response to these tensions, Binance has ceased trading activities with the naira on its platform. Additionally, Nigeria has called on Binance to settle any unresolved tax obligations.
Binance’s Response and Ongoing Negotiations
Binance has expressed its commitment to working with Nigerian authorities to secure the release of Gambaryan and Anjarwalla and return them to their families. A recent statement from a Binance spokesperson highlighted the company’s collaborative efforts to resolve the situation.
Legal Proceedings and International Concern
The legality of the detention of Binance executives has come under scrutiny, with a court order initially permitting a 14-day hold that was set to conclude, and an extension hearing anticipated. The situation has drawn international attention, spotlighting the delicate balance between regulatory oversight and the operation of global cryptocurrency platforms in Nigeria.
