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The Office of the National Security Adviser has disclosed that the Federal Government is currently investigating the operations of Binance, a prominent cryptocurrency exchange company. This revelation comes in the wake of reports by the Financial Times indicating the arrest and detention of two Binance executives by Nigerian authorities.
According to the Financial Times, the executives arrived in Nigeria last week, shortly after their website faced a ban. The Nigerian Communications Commission had taken action on February 21, 2024, blocking online platforms like Binance and other cryptocurrency firms to curb forex market manipulation and illicit fund movements.
Zakari Mijinyawa, Head of Strategic Communication at the Office of the National Security Adviser, revealed in an interview that the government is spearheading an interagency investigation into Binance’s operations. Mijinyawa stated, “The office is leading and coordinating an interagency process by law enforcement officers – this includes ongoing investigations into the operations of Binance. Outcomes from this interagency investigation will be made available in due course.”
While Mijinyawa neither confirmed nor denied the reported arrests of the Binance executives, the situation underscores the intensifying scrutiny surrounding cryptocurrency activities in Nigeria.
Binance, known as an online exchange facilitating cryptocurrency trades, has faced heightened regulatory pressure globally. In Nigeria, Central Bank Governor Olayemi Cardoso disclosed during a press briefing after the 293rd Monetary Policy Committee meeting that over $26 billion had flowed through Binance without traceability over the past year. Cardoso emphasized the need for a robust regulatory framework in response.
Echoing concerns over Binance’s impact on the economy, presidential spokesman Bayo Onanuga warned of potential economic destabilization if punitive measures were not taken against the company. Onanuga criticized Binance’s alleged manipulation of exchange rates, characterizing it as sabotage against Nigeria’s economic interests.
“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate… It’s sabotage and we are trying to prevent that from happening henceforth,” Onanuga asserted during an appearance on Channels Television’s Politics Today.
