Amid the prolonged detention of two of its executives in Nigeria, cryptocurrency exchange Binance reiterated its commitment to adhering to local laws and regulations. In a blog post on March 13, the exchange underscored its dedication to fostering responsible growth within Nigeria’s crypto sector. It emphasized ongoing cooperation with Nigerian law enforcement agencies since at least June 2020, including the Nigeria Police Force and the Economic and Financial Crimes Commission.
The detained executives, Nadeem Anjarwalla and Tigran Gambaryan, are reported to remain in custody until at least March 20. Nigeria’s authorities allegedly seek access to Binance’s top 100 users in the country, along with six months of transaction history.
This detention appears to be part of Nigeria’s broader efforts to stabilize its currency, the naira, and combat currency speculation through crypto exchanges. Previously, the Nigerian government instructed 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 ceased naira trading on its platform.
Binance’s latest blog post serves as a plea for constructive engagement between Nigerian authorities and crypto partners with a “proven track record of collaboration.” It signals the exchange’s willingness to resolve the ongoing issue with Nigerian officials, highlighting its commitment to regulatory compliance.
