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Nigeria has asked Binance to provide data relating to transactions involving the Nigerian Naira on the Binance platform in the last seven years as authorities continue investigating Binance and other cryptocurrency firms for terror financing and money laundering.
RELATED: Nigerians react to government’s crypto crackdown
Abuja has accused Binance of undermining the health of the Nigerian Naira. The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso accused Binance Nigeria of facilitating transactions exceeding $26 billion from unidentified sources in one year. He spoke during the monetary policy meeting earlier this week.
He alleged that Binance Nigeria and other crypto companies engage in currency manipulations against the Nigeria’s Naira without underlying transactions effectively contributing the country’s current FX liquidity crunch.
Investigators have demanded that some other data relating to Nigeria be deleted from the Binance platform as authorities detained two executives of Binance following their arrest by the Office of the National Security Adviser (ONSA).
Investigation into Binance Nigeria and other cryptocurrencies is coordinated by the ONSA in partnership with CBN.
Binance website has been banned In Nigeria but some stakeholders are warning that government action could open a flood of underground crypto operators.
‘The government’s action is empowering the crypto black market and that is dangerous,’ said Rume Ophi of Stakeholders in Blockchain Technology Association of Nigeria.
