Nigeria Ramps Up Pressure Against Binance, Nigerian Users UNSAFE

March 18, 2024 10:04 pm Comments

There can be no two ways about it: Nigeria is attempting to extort Binance.

The Nigerian government is holding two Binance executives hostage until it receives the ridiculous sum of $10 billion it has demanded from Binance. Nigeria’s government claims that Binance is to blame for the depreciation of its currency.

Now, the Nigerian government has ramped up pressure on Binance and is demanding that the exchange hand over user data for its Nigerian clients.

What Binance chooses to do in the face of this increased pressure remains to be seen.

At the time of this writing, the exchange has not yet agreed to comply with Nigeria’s request for user data. Both Binance executives also remain detained without any formal charges. Here are the latest developments:

Daily Coin confirmed the latest development in the unfolding Binance and Nigeria tensions:

A Nigerian court has granted an interim order compelling Binance to hand over comprehensive data about its Nigerian users to the country’s Economic and Financial Crime Commission (EFCC), according to reports from local news outlets on Monday, March 18.

The order was granted based on an ex-parte motion from the anti-graft agency. An ex-parte motion urges the court to grant an order without hearing from the other party, citing exceptional circumstances or urgency.

Coin Bureau writes: “Two Binance executives are still detained in Nigeria as the country is trying to extract a $10 billion fine. One of these executives is an American and the other is British. No word from either government about their detained citizens or actions being taken. Pretty shameful.”

BBC News noted:

On Tuesday, Nigeria’s central bank governor Olayemi Cardoso said Binance Nigeria had moved $26bn worth of untraceable funds.

“These allegations are weighty,” Tilewa Adebajo CFG Advisory tells the BBC. “That’s a huge sum – even more than the annual Nigeria diaspora remittances of $24bn”.

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