Binance issued a compliance statement saying its executives were detained in Nigeria and will remain in custody until at least March 20.
With two Binance executives detained in Nigeria for a second straight week without being publicly charged, the cryptocurrency exchange issued a blog post on March 13 highlighting its commitment to comply with local laws and regulations.
In the post, Binance said it has been cooperating with Nigerian law enforcement agencies, including the Nigeria Police and the Economic and Financial Crimes Commission, since at least June 2020, highlighting its commitment to fostering the responsible growth of the Nigerian cryptocurrency sector.
“Between June 2020 and February 2024, Binance’s Financial Crimes Compliance (FCC) team responded to 626 requests for information from Nigerian law enforcement or related to Nigeria-related investigations, averaging 37.4 from submission to resolution. It took time.”
Binance
At the end of the post, Binance called on Nigerian authorities to work with cryptocurrency partners with a “proven track record of constructive cooperation,” implying that it is ready to resolve issues that have recently sparked between the exchange and Nigerian officials. I did.
“As the adoption of financial technology accelerates in the country, law enforcement and regulators must be able to rely on best-in-class partners with a proven track record of constructive collaboration with authorities in Nigeria and around the world.”
Binance
The blog post followed reports that the two detained Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, would remain in custody until at least March 20. As crypto.news previously reported, Nigeria is reportedly seeking access to Binance’s top 100 users. Provides country-specific information along with 6 months of transaction history.
The detentions appear to be part of Nigeria’s efforts to stabilize the naira and combat currency speculation through cryptocurrency exchanges. Previously, the Nigerian government ordered telecoms and internet service providers to restrict access to several cryptocurrency exchanges, including Binance, Coinbase and Kraken, to address the issue of currency devaluation. In response, Binance removed Naira for trading from its platform.