Reportedly the Nigerian authorities asked multiple types of financial details from the Binance crypto exchange and many people speculated that Binance will face a huge amount of fine.
Binance is a top-level crypto exchange. These days, this exchange is under huge legal hurdles in the jurisdiction of Nigeria. Last month, the Nigerian government agencies restricted access to Binance crypto services and in return, Binance also terminated every kind of Nigerian fiat Naira-related financial service to comply with the government orders.
On 13 March 2024, The Financial Times reported that the Nigerian authorities ordered the Binance team to provide the data of top 100 local customers and the complete financial records of conducted by the Binance exchange in the last 6 months in Nigeria.
The report also noted that the office of Nigeria’s national security adviser has asked the Binance team to resolve any outstanding tax liabilities.
All these developments are part of the negotiations between Binance & Nigerian government over the bad impact of Binance’s crypto service on the country’s sovereign fiat currency Naira.
Earlier this Bayo Onanuga, the presidential adviser on information and strategy, called for a ban against Binance-like crypto exchanges because such exchanges badly impacted the value of the Naira.
At present two Binance executives, Gambaryan and Anjarwalla, are under the custody of Nigeria police, in this matter.
Reportedly the detained Binance executives disclosed much internal information about the exchange and the outcomes of the interrogation will be released publicly soon.
Last week many local media reports claimed that Binance exchange was planning to quit the Nigerian crypto market but against such reports, a Binance executive told in an interview that they are not planning to exit the Nigerian market.
In the present time, the majority of the crypto traders in Nigeria are using Telegram & Whatsapp like platforms to buy and sell crypto assets, P2P.
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