Binance to Release Data of Top 100 Users and Transactions in the Last Six Months

The federal government of Nigeria has instructed the world-leading cryptocurrency platform Binance to submit relevant data on the country's top 100 users, including their transaction history for the last six months.

According to the report, this is one of many steps to reestablish the ongoing negotiations between Nigeria and Binance.

In the report, the Office of the National Security Adviser (ONSA) also asked Binance to resolve any outstanding tax liabilities in the country.

It was sad for those who used the platform to trade, as the Federal Government had shut down Binance to stabilise the local currency, the naira.

Related News:

• Binance Removes NGN Permanently From Its Platform

• Binance Shuts Down P2P in Nigeria Following Clash With Federal Government

• Another Trouble as FG Fines Binance $10 Billion for Devaluing the Naira

However, the issue first came to light when Bayo Onanuga, President Bola Tinubu's special adviser on information and strategy, stated that Binance and other crypto platforms should be banned from operating in Nigeria.

He alleged that Binance was “blatantly setting exchange rate for Nigeria” and hijacking the role of the Central Bank of Nigeria (CBN).

Some days after Onanuga’s statement, the CBN Governor, Olayemi Cardoso, announced that over $26 billion has passed through Binance from unidentified sources.

Cardoso added that the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and other security agencies were working together to ensure there is no foul play in the foreign exchange (FX) market.

Recall that on March 8, Binance discontinued all naira transactions on its exchange platform following reports that the government demanded $10 billion as retribution for profiting from “its illegal transactions” in Nigeria.

In the meantime, the Office of the National Security Adviser (ONSA) requests that Binance settle its tax obligations. This report was obtained from the Financial Times.

Following all measures to address Binance versus Naira, The House of Representatives Committee on Financial Crimes has summoned Richard Teng, the chief executive officer of Binance Holding Limited, over his alleged participation in terrorism financing and money laundering.

At a panel, the Chairman of the Committee, Ginger Onwusibe, recently issued a seven-day ultimatum to the management of Binance Holdings Ltd to appear before the Committee on or before March 4, 2024.

The Central Bank of Nigeria (CBN) recently flagged the crypto platform for aiding money laundering, among other things. Onwusibe also warned that the Committee would be forced to invoke its constitutional powers to take appropriate measures if the crypto firm fails to heed its summons.

Onwusibe noted Teng’s earlier refusal to appear after the committee's series of invitations. The Committee summoned the Managing Director of Binance in a letter dated December 12, 2023, signed by its chairman, Onwusibe, requesting a hearing on December 18, 2023.

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering, and tax evasion, amongst others, levelled against Binance are damning enough.

“At this material time, we need all the tax dollars to block the leaks and channels to financing terror,” the lawmaker added.