Nigeria denies claims Binance executive is in poor health in detention
The Nigerian federal government denied the claim that Binance executive Tigran Gambaryan was subjected to harsh prison conditions, stating that he received high-quality medical and full consular services, and emphasized the importance of upholding the rule of law and judicial integrity. Previously, US political figures visited the detained Binance executive in Nigeria and urged the US embassy to lobby for his release. The wife of the arrested Binance executive questioned why Nigerian law enforcement agencies cannot follow the example of the country's tax bureau in releasing her husband.
Nigeria to ban P2P cryptocurrency trading
According to reports from local media and sources from CryptoSlate, the National Security Adviser (NSA) of Nigeria has classified cryptocurrency trading as a national security threat, indicating an impending crackdown on peer-to-peer (P2P) cryptocurrency transactions. Moniepoint CEO Tosin Eniolorunda stated that the NSA's classification is expected to pave the way for new regulations banning P2P cryptocurrency trading, with an official announcement expected soon.
Nigeria's Central Bank Directs Financial Institutions to Identify Unlicensed Crypto Exchanges, Including Binance, Bybit, KuCoin and OKX
Nigeria's Central Bank has instructed financial institutions to identify individuals or entities involved with four unlicensed crypto exchanges, including Binance, Bybit, KuCoin, and OKX. The directive also reminds institutions that dealing in cryptocurrencies or facilitating payments for crypto exchanges is prohibited. The regulatory authority has warned that any breaches of the directive will result in severe regulatory sanctions and has instructed institutions to put such accounts on Post No Debit instruction for six months. Notably, the circular did not mention any indigenous crypto exchanges, which have been actively pursuing the required licenses.
Nigeria accuses Binance of laundering $35.4 million, and a hearing on the detention of Binance executives will be held on April 4
Nigerian government has accused Binance of money laundering, with an amount involved of $35.4 million. After EFCC submitted documents on Thursday, Binance currently faces two separate criminal charges in Nigeria. The Federal Inland Revenue Service (the country's tax authority) has also accused the exchange of tax evasion. In addition to the criminal proceedings, the Nigerian government is also seeking to extend the detention period for Binance executives. The case will continue with a hearing on April 4.
Nigerian Court Orders Binance to Provide Comprehensive Data on All Nigerians Using Its Platform to Anti-Graft Agency
A Federal court in Nigeria has ordered Binance to provide the country's Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerians using its platform. This comes as two senior executives from Binance remain detained in Nigeria for the fourth week, with a court hearing scheduled for Wednesday. The EFCC is investigating financial crimes and had previously requested information on Binance's top 100 users in Nigeria and all transaction history spanning the past six months, but the court order appears to expand this to all Nigerians trading on the platform. Nigeria has taken action against the crypto industry for allegedly facilitating illegal capital outflows, and Binance has been a particular focus, with authorities demanding $10 billion in penalties for enabling some $26 billion of untraceable funds.
Nigeria SEC seeks to increase cryptocurrency exchange registration fees
The Nigerian Securities and Exchange Commission (SEC) has proposed revising the rules for platforms that provide cryptocurrency services. The committee suggests increasing the registration fee for cryptocurrency exchanges from $18,620 (30 million naira) to $93,000 (1.5 billion naira).
Nigeria wants Binance to provide information on the country’s top 100 users and all transaction history for the past six months
The Financial Times reported that Nigeria is requesting that Binance provide information on the top 100 users in the country and all transaction histories for the past six months. This request comes as Nigeria's detention of Binance's compliance officer and regional manager for Africa enters its third week. Binance's Tigran Gambaryan and Nadeem Anjarwalla were invited by the Nigerian government to arrive in Abuja on February 25 and were forced to be detained in a "hotel" operated by the Nigerian National Security Agency.
Nigeria Updates Guidelines for Crypto Service Providers to Block Criminals
Nigeria's Securities and Exchange Commission (SEC) has updated its guidelines for crypto service providers to prevent criminals from accessing the capital market. This move follows the Nigerian government's decision to block local access to several crypto platforms, including Binance, Kraken, and Coinbase. The updated SEC guidance includes a manual on anti-money laundering measures and rules on combating the financing of terrorism. Despite recent crackdowns on the crypto space, the Central Bank of Nigeria has reversed a measure that previously blocked local banks from providing services and accounts to crypto firms.
Binance confirms discussions with Nigerian government
Binance denies being asked by the Nigerian government to pay a $10 billion fine. However, a Binance official who did not want to be named confirmed that the exchange had discussions with the Nigerian government to resolve issues related to activities of a Binance subsidiary.
Nigeria’s presidential adviser denies asking Binance to pay $10 billion fine
A Binance executive stated that they have not heard of the Nigerian government's demand for a $10 billion fine and have no intention of paying the fine to restore services that were suspended or to release two Binance executives. Meanwhile, Bayo Onanuga, an adviser to the Nigerian president, stated that his statement to the BBC was distorted by the media and that he did not say he had informed Binance regulators of the decision to impose a fine. Yesterday, the Nigerian government demanded that Binance pay at least $1 billion in compensation, which was made in the context of Nigeria's crackdown on cryptocurrency exchanges and the devaluation of its currency. Nigeria accuses Binance of profiting from "illegal transactions" in the country. Currently, Binance is under investigation in Nigeria, and earlier this week, Binance executives were detained by Nigerian authorities.
