Binance, the world’s largest crypto exchange, wants to patch its relationship with Nigerian authorities following recent regulatory tensions. In a statement released on Thursday, Binance emphasized its commitment to compliance and collaboration with Nigerian authorities.

The exchange detailed its extensive cooperation with Nigerian law enforcement, claiming to have responded to over 626 information requests from Nigerian authorities since 2020, with an average response time of less than 38 hours. This information reportedly assisted investigations into financial crimes such as scams, fraud, and money laundering.

Furthermore, Binance claimed it conducted dedicated training sessions for officials of Nigeria’s Economic and Financial Crimes Commission (EFCC) in August 2023, focusing on cryptocurrency investigations and internal operations. These initiatives, demonstrate Binance’s commitment to fostering collaboration with Nigerian authorities. The company also claims it has been cooperating with the Nigerian Financial Intelligence Unit (NFIU) and the Nigeria Police Force to discuss continuous training initiatives and operational cooperation.

The statement comes against a backdrop of increased scrutiny towards cryptocurrencies by the Nigerian government. Last month, the Nigerian government detained two Binance executives—Tigran Gambrayan, an American citizen and former US federal agent, and Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa—who had flown into the country to resolve the exchange’s banned website. 

The arrests stem from the Nigerian government’s crackdown on forex speculation, triggered by the naira’s volatility after the removal of artificial exchange rate controls.

Despite not being a top market for the exchange, Binance acknowledged Nigeria’s burgeoning crypto adoption, ranking second globally according to Chainalysis.

Faith Omoniyi Reporter

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