Binance’s Top Users Must Be Disclosed, Executives Remain Detained

(CTN News) – Nigeria has been reported to be actively asking Binance to provide information regarding the country’s top 100 users and their transaction history over the past six months, according to a report in the Financial Times.

As a consequence of this news, the names of the two Binance executives who were detained two weeks ago have been revealed: Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, Binance’s regional manager for Africa.

Earlier this month, Gambaryan, a former U.S. federal agent who specialized in cryptography, and Anjarwalla were detained and have been held in a government facility in Abuja, the capital of Nigeria.

In addition to their arrest, Nigeria has been cracking down on cryptocurrency exchanges as part of its broader crackdown on cryptocurrencies, coinciding with doubtful efforts by the government to revive the naira, the country’s national currency.

Earlier this year, before Gambaryan, a U.S. citizen, and Anjarwalla, a dual citizen of the United Kingdom and Kenya, were detained, both officials participated in a discussion with the Nigerian government regarding Binance operations and restrictions imposed on the cryptocurrency exchange with the Nigerian government.

The Nigerian apex bank claims that the country is losing out on taxes from unregistered crypto exchanges, including Binance, which it claims operates illegally and facilitates “illicit flows from sources and users that we cannot adequately identify.”

A report indicates that the detained executives may be charged with currency manipulation, tax evasion, and illegal operations as a result of their detention. Both families report that neither individual has been formally charged with a criminal offense.

It has been reported in The Financial Times that Nigeria’s anti-corruption agency has been granted permission to detain both executives for 14 days.

The government has proposed extending the order for another 14 days, which is scheduled to take place on Wednesday.

An important point of negotiation between Binance and the largest crypto market in Africa is Nigeria’s request for Binance’s top users in the country. It is critical to examine the period under review because it corresponds with the timeline for the devaluation of the Nigerian currency.

Based on documents reviewed by FT, it seems that Nigeria, through its national security adviser, has requested that Binance pay any outstanding tax liabilities that it may owe.

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