Binance ended trading with the Nigerian naira currency on its platform in early March after authorities accused it of being used for money laundering and terrorism financing.
Nigeria’s tax agency also filed a four-count charge on tax evasion against the crypto exchange, accusing it also of aiding customers to evade taxes through the platform.
Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy on February 21, 2024 said Binance and other cryptocurrency platforms should be banned from operating in the country.
According to him Binance is “Blatantly setting exchange rate for Nigeria” and hijacking the role of the Central bank of Nigeria (CBN)
Binance said while it discontinues trading in the Nigerian currency, it’s customers can continue to make use of other Binance services and products for other available cryptocurrencies.
On February 26, Gambaryan, an American who leads Binance’s financial crime compliance and Anjarwalla (who lives in Kenya) leads the company’s government affairs in West Africa were detained when they arrived in Nigeria following the crackdown on the company.
Anjarwalla escaped from custody and fled the country. Binance has respectfully requested that Gambaryan, who has no decision-making power in the company should not be held responsible while discussions are ongoing with the Nigerian government.
Both executives have also subsequently filed a human rights violation suit at the Federal High Court of Nigeria, asking the office of the NSA and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) to release them, return their passports, and issue a public apology.
