Nigeria Demands Binance to Submit User Data Amid Ongoing Dispute

Nigeria’s ongoing standoff with Binance, one of the world’s largest cryptocurrency exchanges, has taken a significant turn as the country demands comprehensive data from the platform. The request includes detailed information about the top 100 users operating within Nigeria’s borders and transaction records spanning the last six months.

The demand for data comes amidst a broader dispute between Nigeria and Binance, with tensions rising as the exchange’s compliance head and Africa region manager, Tigran Gambaryan and Nadeem Anjarwalla, continue to be detained. The two executives were invited to Abuja by the Nigerian government on February 25th but have since been held against their will in a guesthouse managed by Nigeria’s National Security Agency.

Nigeria’s concerns primarily revolve around the alleged presence of approximately $26 billion in untraceable funds, which it believes may be linked to activities facilitated by Binance. The country views Binance’s operations as a significant factor undermining its efforts to stabilize the national currency, the naira. In response to the escalating tensions, Nigeria has also requested that Binance address any outstanding tax liabilities, further complicating the situation.

Despite not being formally charged with any offense, Gambaryan and Anjarwalla remain in detention, prompting concerns about their well-being and the broader implications of their situation. The Financial Times (FT) reported that the executives were being held “simply as hostages,” according to sources briefed on the matter. However, they are reported to be in good condition and well-treated.

In the midst of these developments, Binance has affirmed its commitment to cooperating with Nigerian authorities to resolve the situation and facilitate the return of Gambaryan and Anjarwalla to their families. A court order allowing for the detention of the Binance executives for 14 days is set to expire, with an extension hearing scheduled for the near future.

The ongoing dispute between Nigeria and Binance highlights the complex intersection of cryptocurrency regulation, national sovereignty, and the challenges faced by global exchanges operating in diverse regulatory environments. As the situation continues to unfold, stakeholders remain vigilant, awaiting further developments and hoping for a swift resolution to the standoff.