Kelvin Bowoto
Binance, the world’s largest cryptocurrency exchange, seeks to repair its relationship with Nigerian authorities after recent regulatory concerns. In a statement issued on Thursday, Binance reaffirmed its commitment to compliance and collaboration with Nigerian authorities.
The exchange described its substantial collaboration with Nigerian law enforcement, claiming to have answered more than 626 information requests from Nigerian authorities since 2020, with an average response time of less than 38 hours. This information allegedly aided investigations into financial crimes such as scams, fraud, and money laundering.
Furthermore, Binance claimed to have conducted dedicated training sessions for personnel from Nigeria’s Economic and Financial Crimes Commission (EFCC) in August 2023, with an emphasis on cryptocurrency investigations and internal operations. These activities indicate Binance’s dedication to promoting collaboration with Nigerian authorities. The organization also claims to have been working with the Nigerian Financial Intelligence Unit (NFIU) and the Nigeria Police Force to discuss ongoing training programs and operational cooperation.
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The declaration comes amid growing scrutiny of cryptocurrencies by the Nigerian government. Last month, the Nigerian authorities arrested two Binance executives: Tigran Gambrayan, an American citizen and former US federal agent, and Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa, who had flown into the nation to address the exchange’s blocked website.
The arrests are part of the Nigerian government’s crackdown on currency speculation, which was spurred by the naira’s volatility following the removal of artificial exchange rate regulations.
Despite not being a top market for the exchange, Binance recognized Nigeria’s growing cryptocurrency acceptance, which ranks second globally according to Chainalysis.
Techrectory with Agency Report.
