In a move that escalates the ongoing conflict between the Nigerian government and cryptocurrency exchange Binance, officials have demanded detailed transaction records for the country’s top 100 users over the last six months. This request, which also seeks information on Binance’s compliance with tax obligations, signifies an intensification in the scrutiny faced by the global crypto exchange within the African nation.
The situation has been heating up with reports suggesting that Nigeria might impose a $10 billion fine on Binance for profiting from “illegal transactions” in violation of local regulations. Adding fuel to the fire, NairaMetrics reported accusations from Central Bank Governor Olayemi Cardoso, who alleged Binance Nigeria facilitated an illegal money flow totaling $26 billion last year from unidentified sources. Authorities are also blaming Binance for contributing to the devaluation of the Nigerian naira, leading the exchange to cease support for the currency on its platform and delist all related trading pairs.
The regulatory dispute took a dramatic turn with the detention of two senior Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, by Nigerian officials since February 26. Binance has since expressed its cooperation with Nigerian authorities, emphasizing efforts to ensure the safe return of the detained executives to their families.