Nigeria demands Binance disclose top users as executives remain detained

The Federal Government of Nigeria has formally requested global cryptocurrency exchange company, Binance, to disclose its top 100 users within the country.

The request was made through the office of Nigeria’s national security adviser, Nuhu Ribadu, on Tuesday, directing the exchange to resolve any outstanding tax liabilities, as well as disclose its transaction records over the past six months.

The new development followed the recent detention of two executives from the cryptocurrency exchange, Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, the platform’s regional manager for Africa.

Recall that the two executives have been held in custody at a government facility in Abuja, Nigeria’s capital, since last month.

Prior to the detention, Gambaryan who is a US citizen and Anjarwalla, a dual citizen of the U.K. and Kenya responded to an invitation from the Nigerian government to discuss Binance operations and the imposed restrictions on the cryptocurrency exchange.

READ ALSO:Binance to exit Nigerian market, ends Naira transactions, others March 8

The move coincides with Nigeria’s broader crackdown on cryptocurrency exchanges, amid efforts by the government to stabilize the national currency, the naira.

Speaking at the recently concluded meeting of the Monetary Policy Committee (MPC), CBN Governor Mr. Olayemi Cardoso defended the central bank’s recent actions against cryptocurrency platforms, particularly Binance, accusing it of facilitating speculative activities against the naira.

“We are concerned about certain practices indicating illicit flows through some of these entities and suspicious transactions,” Mr. Cardoso stated. “In the case of Binance, $26 billion has flowed through Binance Nigeria in the past year from sources and users we cannot adequately identify.”

He added, “We are collaborating with various agencies, including the EFCC and the police, to take charge of our market and prevent market manipulation.”

Meanwhile, in response to the regulatory scrutiny in Nigeria, Binance has discontinued its naira (NGN) services last week.

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