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Nigeria accuses Binance of laundering $35.4 million, and a hearing on the detention of Binance executives will be held on April 4

Nigerian government has accused Binance of money laundering, with an amount involved of $35.4 million. After EFCC submitted documents on Thursday, Binance currently faces two separate criminal charges in Nigeria. The Federal Inland Revenue Service (the country's tax authority) has also accused the exchange of tax evasion. In addition to the criminal proceedings, the Nigerian government is also seeking to extend the detention period for Binance executives. The case will continue with a hearing on April 4.

Nigerian Court Orders Binance to Provide Comprehensive Data on All Nigerians Using Its Platform to Anti-Graft Agency

A Federal court in Nigeria has ordered Binance to provide the country's Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerians using its platform. This comes as two senior executives from Binance remain detained in Nigeria for the fourth week, with a court hearing scheduled for Wednesday. The EFCC is investigating financial crimes and had previously requested information on Binance's top 100 users in Nigeria and all transaction history spanning the past six months, but the court order appears to expand this to all Nigerians trading on the platform. Nigeria has taken action against the crypto industry for allegedly facilitating illegal capital outflows, and Binance has been a particular focus, with authorities demanding $10 billion in penalties for enabling some $26 billion of untraceable funds.

Nigeria SEC seeks to increase cryptocurrency exchange registration fees

The Nigerian Securities and Exchange Commission (SEC) has proposed revising the rules for platforms that provide cryptocurrency services. The committee suggests increasing the registration fee for cryptocurrency exchanges from $18,620 (30 million naira) to $93,000 (1.5 billion naira).

Nigeria wants Binance to provide information on the country’s top 100 users and all transaction history for the past six months

The Financial Times reported that Nigeria is requesting that Binance provide information on the top 100 users in the country and all transaction histories for the past six months. This request comes as Nigeria's detention of Binance's compliance officer and regional manager for Africa enters its third week. Binance's Tigran Gambaryan and Nadeem Anjarwalla were invited by the Nigerian government to arrive in Abuja on February 25 and were forced to be detained in a "hotel" operated by the Nigerian National Security Agency.

Nigeria Updates Guidelines for Crypto Service Providers to Block Criminals

Nigeria's Securities and Exchange Commission (SEC) has updated its guidelines for crypto service providers to prevent criminals from accessing the capital market. This move follows the Nigerian government's decision to block local access to several crypto platforms, including Binance, Kraken, and Coinbase. The updated SEC guidance includes a manual on anti-money laundering measures and rules on combating the financing of terrorism. Despite recent crackdowns on the crypto space, the Central Bank of Nigeria has reversed a measure that previously blocked local banks from providing services and accounts to crypto firms.

Binance confirms discussions with Nigerian government

Binance denies being asked by the Nigerian government to pay a $10 billion fine. However, a Binance official who did not want to be named confirmed that the exchange had discussions with the Nigerian government to resolve issues related to activities of a Binance subsidiary.

Nigeria’s presidential adviser denies asking Binance to pay $10 billion fine

A Binance executive stated that they have not heard of the Nigerian government's demand for a $10 billion fine and have no intention of paying the fine to restore services that were suspended or to release two Binance executives. Meanwhile, Bayo Onanuga, an adviser to the Nigerian president, stated that his statement to the BBC was distorted by the media and that he did not say he had informed Binance regulators of the decision to impose a fine. Yesterday, the Nigerian government demanded that Binance pay at least $1 billion in compensation, which was made in the context of Nigeria's crackdown on cryptocurrency exchanges and the devaluation of its currency. Nigeria accuses Binance of profiting from "illegal transactions" in the country. Currently, Binance is under investigation in Nigeria, and earlier this week, Binance executives were detained by Nigerian authorities.

Nigeria Detains Binance Executives Amidst Allegations of Currency Manipulation and Illicit Fund Movements

The Nigerian government has detained two senior executives of Binance, a cryptocurrency exchange platform, as part of a wider crackdown on crypto platforms. The move comes amid concerns over currency manipulation and illicit fund movements, which have been blamed for weakening the value of the local currency, the naira. The Central Bank of Nigeria has raised concerns over the flow of funds through Binance Nigeria, highlighting the need for regulatory scrutiny and collaboration among government agencies. Binance has disabled its peer-to-peer function for Nigerian users in response to the crackdown, raising uncertainties about trading on the platform. The future of crypto trading in Nigeria remains uncertain.

Nigeria's Central Bank Governor Raises Concerns Over Billions of Untraceable Crypto Funds Flowing Through Binance

The Governor of the Central Bank of Nigeria has stated that in 2023, Binance in Nigeria received billions of dollars worth of crypto from unidentified sources. The country is currently facing a foreign exchange crisis and is seeking ways to restrict capital outflows. Last year, $26 billion worth of untraceable funds flowed through Binance Nigeria, leading to renewed calls to restrict crypto in the country. The Central Bank of Nigeria is investigating these fund flows with the help of various government agencies and the police. Binance has not yet commented on the matter.

Binance adopts USDT price cap to comply with Nigerian regulations

According to Cointelegraph, Binance has implemented a USDT price ceiling in its Binance P2P platform in order to comply with local regulations in Nigeria. Binance is also working with Nigerian authorities, legislators, and regulators to ensure action is taken against users who do not comply with the price ceiling.This initiative emphasizes the role that speculators have played in exacerbating inflation, causing economic instability, and devaluing the naira in Nigeria.