The Nigerian government is demanding information from Binance on its top users in Nigeria and all transaction history for the past six months amid a stand-off over the Naira fluctuation.
This is according to a recent report by The Financial Times.
Accordingly, the office of Nigeria’s National Security Adviser is also asking the exchange to resolve any outstanding tax liabilities.
This request arises amid the detention of two senior executives from Binance for three weeks running.
The two play a significant role in Binance’s Africa operations. Nadeem Anjarwalla, a United Kingdom citizen, is a regional manager for Africa at Binance. Tigran Gambaryan, a former US Internal Revenue Service special agent, is head of Binance’s financial crime compliance.
FT said the latest inquiry by the Nigerian government on Binance forms a pivotal aspect of negotiations.
The Nigerian government perceived Binance as a significant factor undermining their efforts to maintain stability in the Naira.
OsunDailyNG recalls that the government ordered restrictions on Binance activities in the cyberspace on February 21 amid efforts to rescue the Naira at the foreign exchange market.
The development comes amid a claim by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the 293rd Monetary Policy Committee meeting that $26 billion was funnelled through Binance last year without a trace.
The statement had elicited a call for Binance and other cryptocurrency restrictions. Bayo Onanuga, President Bola Ahmed Tinubu’s Special Adviser on Information & Strategy, championed the call for cryptocurrency restrictions.
Consequently, on Monday last week, Binance announced it would discontinue all services for Nigeria’s fiat currency, the Naira, amid the government’s regulatory clampdown.
In the meantime, the Naira appreciated to N1603.38 per USD at the forex market on Tuesday, according to FMDQ data.
