- The Nigerian government is asking Binance to provide information on the top 100 users on the platform for the past six months
- The government is also seeking the transaction details of the users as it continues negotiations with Binance
- The report said Nigeria is also asking Binance to settle pending tax liabilities in the country
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government has asked Binance, the cryptocurrency exchange platform, to provide information on its top 100 users in Nigeria and all their transaction details in the past six months.
A report by the Financial Times says the request was made to establish negotiations between the country and Binance.
FG asks Binance to settle tax debts
Per the report, the Office of the National Security Adviser (ONSA) also asked the platform to resolve any pending tax liabilities in the country.
The Nigerian government clamped down on the exchange over currency manipulation, asking telecom providers to block access to the platform.
The move led Binance to turn off its peer-to-peer naira feature on its platform.
Reports say the face-off between the government and Binance began when Bayo Onanuga, President Tinubu’s Special Adviser on information and strategy, said that Binance and other cryptocurrency platforms should be restricted from operating in Nigeria.
FG blames Binance for naira troubles
Onanuga said the platform was setting exchange rates for Nigeria and hijacking the role of the Central Bank of Nigeria (CBN).
The governor of the CBN, Olayemi Cardoso, revealed during the Monetary Policy Committee meeting (MPC) of the bank that about $26 billion passed through Binance Nigeria in one year.
He said that the CBN, Securities and Exchange Commission (SEC), and security agencies collaborated to end manipulation in the Forex market.
Binance, 8 other online platforms to trade crypto
Legit.ng reported that In its bid to halt the free fall of the naira, the federal government has decided to block Nigerian’s access to several online cryptocurrency platforms.
These platforms offer a peer-to-peer (P2P) service whereby two individuals interact directly with each other to sell or buy currencies of their choice.
With the ban, Nigerians on the platform can no longer access the ability to sell and buy dollars or other crypto assets.
Source: Legit.ng