Binance, the leading cryptocurrency exchange, is making efforts to reconcile with Nigerian authorities amid recent regulatory tensions. In a statement issued on Thursday, Binance reaffirmed its dedication to compliance and cooperation with Nigerian regulatory bodies.
The exchange highlighted its extensive collaboration with Nigerian law enforcement, revealing that it has responded to over 626 information requests from Nigerian authorities since 2020, with an average response time of less than 38 hours. This cooperation has reportedly aided investigations into various financial crimes, including scams, fraud, and money laundering.
Moreover, Binance disclosed that it conducted specialised training sessions for officials of Nigeria’s Economic and Financial Crimes Commission (EFCC) in August 2023, focusing on cryptocurrency investigations and internal operations. These initiatives underscore Binance’s commitment to fostering a collaborative relationship with Nigerian authorities. The company also asserted its ongoing cooperation with the Nigerian Financial Intelligence Unit (NFIU) and the Nigeria Police Force to explore continuous training programs and operational collaboration.
This statement follows a period of heightened scrutiny towards cryptocurrencies by the Nigerian government. Last month, the government detained two Binance executives—Tigran Gambrayan, a former US federal agent, and Nadeem Anjarwalla, Binance’s regional manager for Africa—due to the exchange’s banned website.
These arrests were part of the Nigerian government’s crackdown on forex speculation, prompted by the naira’s volatility following the removal of artificial exchange rate controls.
Despite not being one of its top markets, Binance acknowledged Nigeria’s growing crypto adoption, ranking second globally according to Chainalysis.
The Binance blog post titled “Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth” elaborated on the exchange’s commitment to regulatory compliance and collaboration with law enforcement agencies. It emphasised Binance’s proactive approach to addressing information requests and conducting training sessions for Nigerian officials on cryptocurrency investigations.
Binance reiterated its belief in Nigeria’s potential for crypto growth and emphasized the importance of fostering a harmonious ecosystem where local startups and global players like Binance can operate alongside each other. The exchange expressed its commitment to supporting financial inclusion efforts in Nigeria while ensuring the safety and integrity of the financial system through constructive collaboration with law enforcement and regulators.
