Nigerian Government Pressures Binance: Requests Top 100 User Details Before Releasing Detained Executives

President Bola Tinubu’s administration has intensified pressure on the global cryptocurrency giant, Binance, by demanding the identities and transaction records of the top 100 Nigerian users. This demand is a prerequisite for the release of detained Binance executives.

According to a report by the Financial Times, Nigeria’s request for information spans the past six months, aligning with the nation’s efforts to address currency devaluation issues. The government perceives Binance as a significant factor undermining its currency stability, particularly regarding the Nigerian naira.

The demand surfaces amidst the continued detention of Tigran Gambaryan and Nadeem Anjarwalla, two high-ranking Binance officials, by Nigerian authorities. Their arrest, orchestrated by National Security Adviser Nuhu Ribadu, has raised concerns over the executives’ wellbeing and legal rights.

Despite multiple attempts to solicit comments from presidential spokespersons Ajuri Ngelale and Bayo Onanuga, no response has been forthcoming. Similarly, Binance has refrained from addressing the request directly, citing concerns over user privacy.

In response to inquiries, Binance stated its commitment to cooperating with Nigerian authorities to ensure the safe return of Gambaryan and Anjarwalla to their families. However, the company remained tight-lipped regarding the ongoing negotiations.

The Nigerian government’s crackdown on Binance includes blocking access to the platform for local users and discontinuing naira-related transactions. These actions aim to curb alleged currency manipulation facilitated by the cryptocurrency exchange.

Meanwhile, the families of the detained executives have voiced distress over their prolonged separation. Yuki Gambaryan, wife of Tigran Gambaryan, expressed the emotional toll on her and their children, who eagerly await their father’s return.

This recent development echoes previous controversies surrounding cryptocurrency in Nigeria, including the 2021 ban initiated by former President Muhammadu Buhari. Notably, revelations of government officials’ involvement with Binance have further fueled public scrutiny of the ongoing saga.