In a significant development, the Nigerian government has issued a demand to Binance, the world’s largest cryptocurrency platform, requiring it to furnish details of the top 100 Nigerian users and their transaction histories on the platform. This request is linked to the release of detained officials.
According to a report by the Peoplesgazette, Nigeria has pressed Binance for extensive information, seeking the top users’ identities and all transaction records spanning the past six months. The government perceives Binance as a critical element undermining its efforts to stabilize the national currency, the naira, particularly within the context of the currency’s recent devaluation.
The request for user data has emerged as a pivotal point in negotiations between Binance and Nigerian authorities. It coincides with the detention of two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, who have been held for two weeks following their arrest by Nigerian authorities.
Reports indicate that the arrests were made by the National Security Adviser, Nuhu Ribadu, although precise details surrounding the circumstances remain unclear.
Despite repeated attempts to solicit comments from Presidential spokespersons Ajuri Ngelale and Bayo Onanuga, there has been no response regarding the government’s demand.
Similarly, Binance has opted not to comment directly on the request, citing concerns over user privacy. However, the company affirmed its commitment to collaborating with Nigerian authorities to secure the safe return of Nadeem and Tigran to their families.
The unfolding situation underscores the growing tension between cryptocurrency platforms and governmental authorities, particularly in regions where digital currencies have gained significant traction. As regulatory frameworks continue to evolve, such clashes are likely to become increasingly commonplace, posing challenges for both the crypto industry and national governments.
