EFCC asks to declassify the identity of all citizens who use the platform.
The Abuja Federal Court has ordered the world's largest cryptocurrency exchange, Binance, to provide the Economic and Financial Crimes Commission of Nigeria (EFCC) with information on all Nigerian users of its platform.
This decision was another step in an attempt to stop speculation with the national currency-the naira. A month ago, several crypto exchanges were blocked in the country. According to the authorities, resales on cryptocurrency platforms undermine the stability of the naira and contribute to the formation of its uncontrolled market rate.
In addition, the commission suspects that criminals can launder illegal income through this platform. There are even opinions that Binance "finances terrorism". Investigators claim that they have information about possible violations, but refuse to disclose details. The transfer of Binance customer data from Nigeria will allow the commission to move forward in collecting evidence.
Currently, two top managers of Binance-American Tigran Gambaryan, a former agent of the Tax Service, and a British citizen Nadim Anjarwalla, the company's regional manager in Africa, are being held without charge. According to informed sources, they are being held in a Nigerian government office, where they are only allowed to use their phones to contact their lawyers and family. The men were detained on February 26.
A court hearing in their case is scheduled for Wednesday, and according to Reuters, the EFCC has filed a motion to extend the period of detention of top managers in custody.
After detaining its employees, Binance was forced to suspend operations in the country. OTC transactions were blocked, as well as the exchange of naira for bitcoin and Tether stablecoin.
Earlier, the head of the Central Bank of Nigeria, Olayemi Cardoso, expressed concern that crypto exchanges fuel speculation and allow illegal financial flows to pass. According to him, over the past year alone, $26 billion has passed through the Binance Nigeria platform from users who cannot be identified.
The Abuja Federal Court has ordered the world's largest cryptocurrency exchange, Binance, to provide the Economic and Financial Crimes Commission of Nigeria (EFCC) with information on all Nigerian users of its platform.
This decision was another step in an attempt to stop speculation with the national currency-the naira. A month ago, several crypto exchanges were blocked in the country. According to the authorities, resales on cryptocurrency platforms undermine the stability of the naira and contribute to the formation of its uncontrolled market rate.
In addition, the commission suspects that criminals can launder illegal income through this platform. There are even opinions that Binance "finances terrorism". Investigators claim that they have information about possible violations, but refuse to disclose details. The transfer of Binance customer data from Nigeria will allow the commission to move forward in collecting evidence.
Currently, two top managers of Binance-American Tigran Gambaryan, a former agent of the Tax Service, and a British citizen Nadim Anjarwalla, the company's regional manager in Africa, are being held without charge. According to informed sources, they are being held in a Nigerian government office, where they are only allowed to use their phones to contact their lawyers and family. The men were detained on February 26.
A court hearing in their case is scheduled for Wednesday, and according to Reuters, the EFCC has filed a motion to extend the period of detention of top managers in custody.
After detaining its employees, Binance was forced to suspend operations in the country. OTC transactions were blocked, as well as the exchange of naira for bitcoin and Tether stablecoin.
Earlier, the head of the Central Bank of Nigeria, Olayemi Cardoso, expressed concern that crypto exchanges fuel speculation and allow illegal financial flows to pass. According to him, over the past year alone, $26 billion has passed through the Binance Nigeria platform from users who cannot be identified.
