Binance urges Nigerian authorities to keep dialogue with ‘constructive’ players after halting all services in naira

Binance has issued a compliance statement amid executives’ detention in Nigeria, with their stay in custody until at least March 20.

As two executives from Binance remain detained in Nigeria for the second week in a row without any charges publicly brought against them, the crypto exchange issued a blog post on Mar. 13, emphasizing its commitment to compliance with local laws and regulations.

In the post, Binance underscored its dedication to fostering responsible growth in Nigeria’s crypto sector, saying it has been in cooperation with Nigerian law enforcement agencies, including the Nigeria Police Force and the Economic and Financial Crimes Commission at least since June 2020.

“Between June 2020 and February 2024, Binance’s financial crime compliance (FCC) teams responded to 626 information requests coming from Nigerian law enforcement agencies or related to investigations pertinent to Nigeria, with an average of 37.4 hours between submission and resolution.”

Binance

At the end of the post, Binance called on Nigerian authorities to engage with crypto partners with a “proven track record of constructive collaboration,” implying its readiness to solve the recently sparked issue between the exchange and Nigerian officials.

“As the adoption of financial technology in the country accelerates, law enforcement and regulators should be able to rely on industry-leading partners with a proven track record of constructive collaboration with the authorities in Nigeria and all around the world.”

Binance

The blog post was published shortly after reports indicated that Binance’s two detained executives, Nadeem Anjarwalla and Tigran Gambaryan, would remain in custody at least until Mar. 20. As crypto.news reported earlier, Nigeria reportedly seeks access to Binance’s top 100 users in the country, along with six months of transaction history.

This detention seems to be part of Nigeria’s efforts to stabilize the naira and combat currency speculation through crypto exchanges. Previously, the Nigerian government ordered telecom and internet service providers to restrict access to several crypto exchanges, including Binance, Coinbase, and Kraken, in an attempt to address currency depreciation. In response, Binance removed the naira for trading from its platform.