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    Nigerian Govt Vs Binance: What We Know So Far

    The Binance-Nigerian Government Fight: Important Information That You Need to Know

    Binance



    1) On Sunday, two executives of the online platform arrived in Abuja to negotiate with the government amid the crackdown on their platform.

    One of them is an American, and the other is a British-Pakistani.

    On Monday afternoon, the executives met with top cyber security officials and other investigators from the office of the National Security Adviser to discuss the various areas of contention.

    2) However, the meetings were deadlocked as Binance officials declined to meet some of the demands put forward by the Nigerian government.

    They were also accused of operating a business worth billions of naira without the requisite registrations and documentation.

    The Nigerian authorities requested Binance executives to provide data relating to transactions involving the Nigerian naira on the Binance platform in the last seven years. They also demanded that some other data relating to Nigeria be deleted from the Binance platform.

    3) However, the Binance executives insisted that they should be taken to their respective countries’ embassies before they could comply.

    4) The Nigerian government also obtained a court warrant to detain the officials for at least twelve days in the first instance.

    5) The Binance case has been taken over by the Economic and Financial Crimes Commission (EFCC), while the two executives were detained at a guest house near the Office of the National Security Adviser.

    Meanwhile, indications emerged Wednesday that Binance disabled its peer-to-peer function for Nigerian users on its platform.

    More popularly known as P2P, the platform allows users, buyers, and sellers to trade without third-party interference and became popular among Nigerians when the administration of former President Muhammadu Buhari banned cryptocurrency in 2021.

    With the disabling of the P2P platform for Nigerian users, it remains unclear whether Nigerians will still be able to trade on the Binance platform.

    Binance officials did not immediately respond to inquiries on the matter on Wednesday, as emails sent to their communication unit were not responded to.

    6) In all these, I blame Binance for not clamping down on speculators and not acting fast when they started manipulating the price of the naira last year on their platform.

    Their failure to act is why we are here today. I wish the two parties all the best, and I hope they will find common ground to resolve whatever the issue is.

    Credit: Premium Times.

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