The Federal Government of Nigeria, under President Tinubu‘s administration, has sought an extension of the detention of two Binance officials. The Economic and Financial Crimes Commission (EFCC) went to the magistrate’s court in Abuja seeking a new order to extend the detention of the US citizen Tigran Gambaryan and the British Kenyan Nadeem Anjarwalla. This is one of the developments in Nigeria’s wide crackdown on cryptocurrency platforms.
Gambaryan and Anjarwalla have been in custody for the last fortnight. The EFCC seeks further remand of the individuals while investigations are in progress. The first court decree permitting their confinement expired on Tuesday. When contacted, the EFCC spokesman, Dele Oyewale, declined to comment on the issue.
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Nigeria’s government has also stepped up efforts to control the cryptocurrency market. It claims that platforms such as Binance enable currency speculation. As a result, the national economy suffers. Nigerian users have been denied access to Binance’s website as part of these regulatory measures.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, noted that over 26 billion dollars went through Binance in the last year. The media aide Bayo Onanuga has stated that the cryptocurrency platforms are engaged in rate manipulation and economic sabotage. In the wake of the government’s crackdown and the arrest of its officials, Binance declared that it is stopping naira transactions. It also left the Nigerian market.
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The long detention of Gambaryan and Anjarwalla has caused much suffering to their families. Gambaryan’s wife has mentioned the trouble this poses for the family, especially the children, who almost daily ask when their father will be home. The cryptocurrency platform that employs these arrested officials is Binance, and they have said they are collaborating with the Nigerian authorities to free them. Nonetheless, it has avoided giving any details about the case itself.
Additionally, Nigeria’s Securities and Exchange Commission (SEC) has suggested a considerable raise in the minimum paid-up capital for crypto exchange registration. The current minimum of ₦500 million ($314,000) will increase to ₦1 billion ($628,000). This proposal is designed to enhance supervision and reduce risks in the cryptocurrency industry. The SEC’s move is part of a general drive to improve the criteria of the registered crypto exchange within the dynamic digital currency world.
