Nigeria is pressuring cryptocurrency exchange Binance to provide data on the top 100 users in the nation and the whole transaction history for the previous six months.
This request arises amidst the ongoing detention of two senior executives from Binance, now entering its third week.
According to Report, the inquiry forms a pivotal aspect of negotiations between the Nigerian government and Binance, as the authorities perceive the exchange as a significant factor undermining their efforts to maintain stability in the national currency, the naira.
Of particular importance is the timeframe of the past six months, aligning with Nigeria’s recent currency devaluation.
According to documents seen by newsmen , the office of Nigeria’s national security adviser is also asking the exchange to resolve any outstanding tax liabilities.
Nigeria has focused its attention on Binance and other cryptocurrency websites as it seeks to head off its worst economic crisis in three decades and restore its citizens’ faith in its battered currency.
President Bola Tinubu’s government has introduced sweeping market-friendly reforms to attract overseas investment.
It also devalued its currency, which has driven inflation to an almost three-decade high of 29.9%. Cryptocurrency sites have emerged as an alternative to establish an unofficial price for the Nigerian currency and Binance is the biggest marketplace.
