In response to the detention of two executives from Binance in Nigeria until at least March 20, the cryptocurrency exchange has released a compliance statement. Despite the lack of public charges against the executives, Binance reiterated its commitment to following local laws and regulations in a blog post on March 13.
Binance highlighted its efforts to support responsible growth in Nigeria’s crypto industry, noting its collaboration with Nigerian law enforcement agencies like the Nigeria Police Force and the Economic and Financial Crimes Commission since June 2020. The exchange also urged Nigerian authorities to engage with crypto partners known for constructive collaboration to address the current issue.
Reports suggested that the detained executives, Nadeem Anjarwalla and Tigran Gambaryan, would remain in custody until at least March 20. Nigeria is reportedly seeking access to Binance’s top 100 users in the country and six months of transaction history as part of efforts to stabilize the naira and prevent currency speculation through crypto exchanges.
In previous moves to address currency depreciation, the Nigerian government instructed telecom and internet service providers to block access to several crypto exchanges, including Binance, Coinbase, and Kraken. In response, Binance removed the naira from its trading platform. The Securities and Exchange Commission in Nigeria has also declared Binance’s operations in the country illegal.