{"id":73571,"date":"2024-03-13T09:08:11","date_gmt":"2024-03-13T13:08:11","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=73571"},"modified":"2024-03-19T18:34:12","modified_gmt":"2024-03-19T22:34:12","slug":"nigerian-govt-pressures-binance-for-data-of-top-100-local-users","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nigerian-govt-pressures-binance-for-data-of-top-100-local-users\/","title":{"rendered":"Nigerian Gov’t Pressures Binance for Data of Top 100 Local Users"},"content":{"rendered":"\n

The Nigerian government is pressuring Binance <\/a>to disclose the identities of its top 100 users within the country amid an ongoing assault on the exchange while also seeking a $10 billion fine from Binance.<\/p>\n\n\n\n

\"Nigerian
Nigerian Gov't Pressures Binance for Data of Top 100 Local Users<\/figcaption><\/figure>\n\n\n\n

The Financial Times reported on March 13 that Nigerian authorities requested Binance disclose their transaction history for the previous half-year, in addition to information regarding the platform's top 100 users.<\/p>\n\n\n\n

The report also states that the office of Nigeria's national security adviser has requested Binance to settle any unpaid tax obligations.<\/p>\n\n\n\n

Nigeria, which asserted that Binance significantly impacted the local currency, the Nigerian naira, is negotiating the request.<\/p>\n\n\n\n

The presidential adviser on information and strategy, Bayo Onanuga, argued that Binance and other cryptocurrency platforms caused a steep depreciation of the local fiat currency, the naira, through manipulation. The official further proposed the prohibition of platforms such as Binance within the nation.<\/p>\n\n\n\n

Local authorities apprehended two high-ranking Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, due to the company's endeavors to engage in dialogue with Nigerian authorities. Even though Binance delisted all naira transactions and ceased peer-to-peer naira transactions<\/a> in late February, the executives remain in detention.<\/p>\n\n\n\n

Gambaryan and Anjarwalla, according to Onanuga, were reportedly cooperating with Nigerian authorities and supplying “a wealth of information.” Additionally, he speculated that Nigeria might pursue a $10 billion punishment in retaliation because they “hugely disrupted” the Nigerian economy.<\/p>\n\n\n\n

“Let us provide space and time for law enforcement agencies to carry out their duties. “Transferring results to the public is imminent,” stated the national security adviser's office.<\/p>\n\n\n\n

Binance declined to comment on the substance of allegations made by Nigerian authorities against the exchange. Additionally, a Binance representative informed Cointelegraph that the exchange did not withdraw from Nigeria but eliminated all naira trading pairs and transactions.<\/p>\n\n\n\n

However, some online users doubted Binance's capacity to assist Nigerian customers in such a predicament. One commenter on X argued, “If a company discontinues NGN [naira]-related services, it signifies that they have completely distanced themselves from Nigeria and all matters about Nigeria.”<\/p>\n\n\n\n

\"\"
A comment regarding Binance removing NGN transactions. Source:\u00a0Jaybrizzy on X.<\/figcaption><\/figure>\n\n\n\n

In recent years, Nigeria has emerged as one of the world's crypto economies with the most rapid growth. In 2023, it will also rank as the second-largest economy globally regarding cryptocurrency adoption. Google search volume for “cryptocurrency” and “buy crypto” ranked Nigeria as the most crypto-obsessed nation globally in August 2022.<\/p>\n\n\n\n

The Financial Times reports that in June 2023, Nigeria disengaged from its prolonged currency peg and permitted unrestricted naira trade. Record-breaking inflation ensued in the nation as a result. The National Bureau of Statistics \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>reports that in January 2024, consumer inflation in Nigeria increased to nearly 30%, marking the thirteenth consecutive month of growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian government is pressuring Binance to disclose the identities of its top 100 users within the country amid an ongoing assault on the exchange while also seeking a $10 billion fine from Binance. The Financial Times reported on March 13 that Nigerian authorities requested Binance disclose their transaction history for the previous half-year, in […]<\/p>\n","protected":false},"author":12,"featured_media":71989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[5521,350,16987],"class_list":["post-73571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance-2","tag-nigeria","tag-user-data"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/image-76.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=73571"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71989"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=73571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=73571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=73571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}