The clash between the Nigerian government, led by President Bola Tinubu, and the world’s largest cryptocurrency platform, Binance, has taken a new turn with startling revelations surfacing about demands made by the government. Reports suggest that the government has demanded a list of the top 100 Nigerian users of Binance and their transaction details before detained executives are released.
According to Financial Times, Nigeria is pressing Binance for information on its top users in the country, as well as all transaction history for the past six months. This demand is reportedly at the center of negotiations between Binance and Nigeria, with the government viewing the company as a significant factor undermining efforts to stabilize the national currency, the naira.
The timing of this request aligns with Nigeria’s recent currency devaluation, raising questions about the government’s motives and the implications for user privacy. The reported demand comes in the wake of the detention of two Binance officials, Tigran Gambaryan and Nadeem Anjarwalla, who have been held by Nigerian authorities for two weeks.
The circumstances surrounding the arrest of these officials remain shrouded in controversy, with reports suggesting their detention was orchestrated by the National Security Adviser, Nuhu Ribadu. Despite repeated attempts to seek clarification from presidential spokespersons Ajuri Ngelale and Bayo Onanuga, no comments have been forthcoming.
Binance, for its part, has declined to comment on the request, citing concerns about user privacy. However, the company has stated that it is working collaboratively with Nigerian authorities to secure the release of the detained executives and ensure their safe return to their families.
The clash between the Nigerian government and Binance is further exacerbated by the government’s recent decision to block the Binance website for Nigerian users, citing allegations that the platform is aiding currency speculators in manipulating the Nigerian exchange rate. This move has led to Binance exiting the Nigerian market and discontinuing naira-related transactions on its platform.
As the standoff continues, the families of the detained executives have raised alarm over their loved ones being held hostage by the Nigerian government. Tigran Gambaryan’s wife, Yuki, has described the ordeal as the hardest days of her life, with her children relentlessly asking when their father will return.
The unfolding saga underscores the complexities surrounding cryptocurrency regulation and the delicate balance between government oversight and user privacy. As tensions escalate, the fate of Binance in Nigeria hangs in the balance, with significant implications for the future of cryptocurrency in the country.
