March 27, 2024
Latest Cryptocurrency News

Binance Trained Nigerian Investigators with Government

Binance, a prominent cryptocurrency exchange, has addressed its tumultuous relationship with Nigerian authorities in a blog post on March 13. The exchange disclosed extensive cooperation with Nigerian officials, citing past engagements to enhance investigative capabilities.

In August 2023, Binance conducted comprehensive training sessions with over 30 Economic and Financial Crimes Commission (EFCC) officials in Abuja and Lagos. These sessions focused on equipping investigators with skills to trace blockchain transactions using various tools, accompanied by case studies involving Nigerian subjects. The positive reception from Nigerian investigators indicated a willingness to continue such collaborations.

Moreover, Binance revealed its responsiveness to 626 information requests from Nigerian law enforcement agencies between June 2020 and February 2024, with an impressive average response time of 37.4 hours. These efforts supported investigations by entities such as the Nigeria Police Force, EFCC, and INTERPOL Nigeria.

Screenshot: Binance blog post on March 13. Source: Binance.

The blog post comes in response to allegations by Nigerian authorities accusing Binance of manipulating the national currency, the Nigerian naira (NGN), and exacerbating economic challenges. The Central Bank of Nigeria (CBN) expressed concerns about suspicious financial flows, estimating $26 billion passing through Binance Nigeria from unidentified users and sources in 2023.

The heightened scrutiny led to significant shifts in Binance’s operations within Nigeria, including the detention of two senior executives on Feb. 26 and the delisting of all Nigerian Naira trading pairs from its peer-to-peer service.

Nigeria, known for its burgeoning crypto economy, faced economic turmoil in 2023, compounded by a 36% decline in the naira on the official market following the trading restrictions’ removal and the suspension of the central bank governor.

Despite Nigeria’s position as the second-largest crypto adopter globally in 2023, economic instability and regulatory tensions have created challenges for both cryptocurrency exchanges and the broader financial landscape.

Image by Roberto Lee Cortes from Pixabay

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