Binance, the leading global cryptocurrency exchange, is taking proactive steps to mend its relationship with Nigerian regulatory authorities in light of recent government directives aimed at overseeing crypto transactions and regulating the dollar-naira exchange.
Last month, the Nigerian authorities ordered the arrest and detention of two Binance executives—Tigran Gambrayan, a former US federal agent, and Nadeem Anjarwalla, Binance’s regional manager for Africa—which added more tensions to the ongoing misunderstanding between the two parties.
The arrests were made in the context of the Nigerian government’s crackdown on forex speculation, prompted by the naira’s volatility to remove any form of artificial exchange rate controls.
However, Binance in a recent announcement reaffirmed its dedication to regulatory compliance and fostering partnerships with Nigerian governing authorities to combat various financial crimes, including scams, fraud, and money laundering.
Binance showcased its commitment to knowledge-sharing by conducting specialized training sessions for officials from Nigeria’s Economic and Financial Crimes Commission (EFCC) in August 2023.
These sessions focused on enhancing cryptocurrency investigation techniques and internal operational procedures, showing Binance’s proactive approach to cooperation with Nigerian authorities.
The company has also disclosed its ongoing dialogue with the Nigerian Financial Intelligence Unit (NFIU) and the Nigeria Police Force to explore continuous training programs and operational collaboration.
Despite Nigeria not being a primary market for Binance, the company acknowledges the country’s significant crypto adoption and is willing to make amends and work closely with Nigerian regulators to foster a conducive regulatory environment for cryptocurrency trading.