Forex Crisis: Tinubu Demanded Names, Transaction Details Of Top 100 Binance Users

Tinubu wanted the names and transaction details of the top 100 Binance users in Nigeria before releasing the executives who were arrested.

The administration of President Bola Tinubu has insisted that before arrested officials are freed, Binance, the biggest cryptocurrency platform in the world, submit a list of the top 100 Nigerian users and the specifics of their transactions on the site.

The administration of President Bola Tinubu has insisted that before arrested officials are freed, Binance, the biggest cryptocurrency platform in the world, submit a list of the top 100 Nigerian users and the specifics of their transactions on the site.

“Nigeria is pressing Binance for information on its top 100 users in the country, as well as all transaction history for the past six months,” Financial Times reported on Tuesday.

The publication claims that talks between Binance and Nigeria, which views the business as a vital connection undermining government efforts to stabilize its currency, the naira, are centered around this request. The timing of Nigeria's currency devaluation corresponds with the six-month transaction details request.

The alleged request is made at the same time as two Binance employees, British-Kenyan Nadeem Anjarwalla and American citizen Tigran Gambaryan, have been detained for two weeks by Nigerian authorities.

The National Security Advisor, Nuhu Ribadu, detained the two Binance representatives who had been invited by the Nigerian government, according to a reported article from two weeks ago that quoted FT.

Binance also declined to respond to the request, citing privacy concerns, stating that “it is inappropriate for us to comment on the substance of the claims at this time.”

“We can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families,” Binance told a reporter.

The administration of Mr. Tinubu barred access to the Binance website for Nigerian users on the grounds that the cryptocurrency platform is helping currency speculators manipulate the Nigerian exchange rate, thereby saving the beleaguered Nigerian naira, which was worth roughly N2000 to a dollar two weeks ago.

Binance withdrew from the Nigerian market and stopped processing any naira-related transactions on its platform during the crackdown.