Binance Declines Tinubu’s Request Amid Arrest of Two Executives

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Tinubu Demands Names and Transaction Details of Top 100 Binance Users in Nigeria Before Releasing Detained Executives

 

Following the crackdown, Binance opted to exit the Nigerian market and halt all naira-related transactions on its platform.

 

 

President Bola Tinubu’s administration reportedly requested that Binance, the world’s largest cryptocurrency platform, furnish a list of the top 100 Nigerian users along with their transaction details before releasing detained officials.

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According to Financial Times, Nigeria is pressing Binance for information on its top 100 users and their transaction history over the past six months. This request forms the core of negotiations between Binance and Nigeria, with the government viewing the platform as a key factor undermining efforts to stabilize the national currency, the naira. The request for six months of transaction data aligns with the period of Nigeria’s currency devaluation.

 

Court Convicts Man For Hawking Naira, Cautions Nigerians

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The demand surfaces as two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, remain in detention two weeks after their arrest by Nigerian authorities.

 

 

Two weeks ago, Ejes Gist reported, citing FT, that the Nigerian government had arrested the two Binance officials at the behest of the National Security Adviser, Nuhu Ribadu.

Presidential spokespersons Ajuri Ngelale and Bayo Onanuga have not responded to calls or messages regarding the demand.

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In response to the request, Binance declined to comment, citing concerns about privacy violations. They stated, “It is inappropriate for us to comment on the substance of the claims at this time.” However, they mentioned collaborating with Nigerian authorities to ensure the safe return of Nadeem and Tigran to their families.

 

 

To support the ailing Nigerian naira, which traded at about N2000 to a dollar two weeks ago, Tinubu’s administration blocked access to the Binance website for Nigerian users. They alleged that the cryptocurrency platform facilitated currency speculators in manipulating the Nigerian exchange rate.

 

 

As a consequence of the crackdown, Binance withdrew from the Nigerian market and ceased all naira-related transactions on its platform.

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The Gazette reported on Tuesday that the families of Gambaryan and Anjarwalla expressed concerns about their loved ones being held hostage by the Nigerian government.

 

 

Yuki, Gambaryan’s wife, described the past two weeks as the “hardest days of her life.” She expressed her children’s constant queries about their father’s return, to which she had no answer.

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In 2021, during the initial cryptocurrency ban by former President Muhammadu Buhari, The Gazette revealed that the then-Attorney General of the Federation, Abubakar Malami, had the Binance app installed on his phone, as shown in a screenshot.

 

 

Stay informed with Ejes Gist News – Your Source for Credible in Nigeria Now.

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