Nigeria FG Seeks Fresh Court Order To Extend Detention Of Binance Executives

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Sholay
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#1

 

Incoming news reports have it that the Nigerian government had allegations relating to FX against Binance, hence the arrest of some of its executives.

However, recent reports seem to indicate that the Nigeria Government wishes to detain them further,

In fact, according to a Coinbase report, Nigeria's government and Binance have been involved in a dispute about some $26 billion of untraceable funds. According to the FT, Nigeria sees Binance as a crucial link undermining government effort to stabilize the Naira, its currency.
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Nigeria governement under Bola Tinubu has approached a cort to seek an extension of the detention of two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, as part of its ongoing crackdown on cryptocurrency platforms.

The two officials have been held since their arrest two weeks ago, with the EFCC planning to extend their detention even further, according to sources familiar with the case as reported by Reuters on Thursday.

Binance, the cryptocurrency platform employing the detained officials, however stated that it is working with Nigerian authorities to secure their release but refrained from commenting on the specifics of the case.

The Nigerian government, led by Tinubu, has also intensified its efforts to regulate the cryptocurrency market, alleging that platforms like Binance are facilitating currency speculation and undermining the national economy. The government has blocked access to Binance’s website for Nigerian users.

CBN governor Olayemi Cardoso claimed that over $26 billion flowed through Binance in the past year, while accusations from media aide Bayo Onanuga accused cryptocurrency platforms of rate manipulation and economic sabotage.

As a result of the crackdown and the detention of its officials, Binance has ceased naira-related transactions and hence exited the Nigerian market.

What is your take on this development?
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Jared
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#2

 

Thanks for the report.

Binance-Nigeria Brawl Continues as Country Asks Exchange to Submit List of Top 100 Users. Nigeria is also demanding all transaction history spanning the past six months from Binance.

Nigeria wants Binance to give information regarding its top 100 users in the country and all transaction history spanning the past six months.
Neither Gambaryan nor Anjarwalla have been charged with an offense but were being held “simply as hostages,” the FT reported.

https://www.coindesk.com/policy/2024/03 ... he%20naira.
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Greatness
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#3

 

The government should go and rest.
It's already past two weeks since Binance and it's likes have been blocked, yet naira hasn't significantly appreciated in value whatsoever.

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Jared
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Greatness wrote: March 17th, 2024, 10:33 am The government should go and rest.
It's already past two weeks since Binance and it's likes have been blocked, yet naira hasn't significantly appreciated in value whatsoever.
That's how they persecuted AbokiFX alleging it's responsible for Naira fall. Naira was about 350 then.

See where Naira is now.

Naija govt knows the problems:

Policy Summersault
Lack of complementing monetary and fiscal policies
Over dependence on imports

Yet, they left those problems and are tackling something else that won't help the Naira.

Wtf?
Financial Literacy is the possession of skills, knowledge and behaviors that allow an individual to make informed decisions regarding money. 💰

Greatness
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#5

 

Jared wrote: March 17th, 2024, 8:37 pm
Greatness wrote: March 17th, 2024, 10:33 am The government should go and rest.
It's already past two weeks since Binance and it's likes have been blocked, yet naira hasn't significantly appreciated in value whatsoever.
That's how they persecuted AbokiFX alleging it's responsible for Naira fall. Naira was about 350 then.

See where Naira is now.

Naija govt knows the problems:

Policy Summersault
Lack of complementing monetary and fiscal policies
Over dependence on imports

Yet, they left those problems and are tackling something else that won't help the Naira.

Wtf?
Exactly, yet they place a blind eye to it.

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