Binance appeals to Nigerian authorities to maintain open communication channels
Binance, a leading cryptocurrency exchange, has released a statement addressing the detention of its executives in Nigeria. The executives have been held without charges since the previous week, and Binance has expressed its commitment to complying with local laws and regulations.
In a blog post published on March 13, Binance emphasized its dedication to fostering responsible growth in Nigeria’s crypto industry. The exchange stated that it has been cooperating with Nigerian law enforcement agencies, such as the Nigeria Police Force and the Economic and Financial Crimes Commission, since June 2020.
Towards the end of the post, Binance called on Nigerian authorities to engage with crypto partners who have a proven track record of collaborative efforts. This suggests that Binance is ready to resolve the current issue between the exchange and Nigerian officials.
The blog post was released after reports indicated that Binance’s detained executives, Nadeem Anjarwalla and Tigran Gambaryan, would remain in custody until at least March 20. It has been reported that Nigeria is seeking access to Binance’s top 100 users in the country, as well as six months of transaction history.
This detention appears to be part of Nigeria’s efforts to stabilize its currency, the naira, and combat currency speculation through crypto exchanges. Previously, the Nigerian government had ordered telecom and internet service providers to restrict access to several crypto exchanges, including Binance, Coinbase, and Kraken, in an attempt to address currency depreciation. In response, Binance removed the naira from its trading platform.
In related news, the Nigerian Securities and Exchange Commission (SEC) has declared Binance’s operations in the country to be illegal.
