Binance executive detained for third week, Nigeria demands user data and resolution of tax issues

According to a report from the Financial Times, Nigeria is pressuring Binance to provide the data of its top 100 users in the country, as well as all transaction histories for the past six months. The Nigerian National Security Advisor's office has also requested Binance to address any outstanding tax liabilities. Two Binance executives have been detained for three weeks after traveling for negotiations at the end of February.

Binance Accused by Nigeria and Asked for Customer Data

Nigeria previously accused Binance of manipulating fiat currency pairs, causing the Naira (NGN) to depreciate by 70%, and demanded $10 billion in compensation from Binance. Subsequently, Binance announced its withdrawal from Nigerian fiat services. In late February, two executives, Tigran Gambaryan and Nadeem Anjarwalla, were sent to Abuja, the capital of Nigeria, to negotiate with the authorities.

Tigran Gambaryan is head of Binance's Financial Crime Compliance Department and a former special agent of the U.S. Internal Revenue Service Criminal Investigation Division. Nadeem Anjarwalla is a British citizen and Binance's Regional Manager for Africa, both playing significant roles in Binance's African operations.

According to the latest report from the Financial Times, the detention has now entered its third week, with Nigeria pressuring Binance to provide data on the top 100 users in the country, as well as all transaction histories for the past six months. The Nigerian National Security Adviser's Office has also demanded that Binance address any outstanding tax issues.

The UK Foreign Office and the U.S. Embassy in Nigeria have stated that they are in contact with the local government and are working to provide all "appropriate assistance," but have declined to comment further.

Binance Claims to be Cooperating with Nigerian Authorities

Binance also issued a statement on 3/13 stating that they believe in Nigeria's growth potential and hope to continue investing in Nigeria. They listed several collaborations with government departments and expressed their desire to work with Nigerian law enforcement to ensure the safety of the financial system.

Binance stated that they will continue to cooperate with the authorities to bring their friends and colleagues home, as they are the most upright professionals. Binance will provide all possible support to them and their families, without disclosing any further details.