The federal government has asked Binance for information on its top 100 users in the country, as well as all transaction history for the past six months, the Financial Times is reporting.
The request, according to the report on Tuesday, is at the centre of negotiations between Binance and Nigeria.
Two of Binance’s top executives have been in the custody of Nigerian authorities for the past three weeks.
In February 2024, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, said Binance and other crypto platforms should be banned from operating in Nigeria.
Onanuga had accused Binance of “blatantly setting exchange rate for Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).
On February 27, Olayemi Cardoso, governor of the CBN, said $26 billion passed through Binance from unidentified sources.
Cardoso said the apex bank was collaborating with the Securities and Exchange Commission (SEC) and security agencies to ensure there is no manipulation in the foreign exchange (FX) market.
On March 8, the crypto firm discontinued all transactions in naira 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) in Nigeria is requesting that the exchange settle any unpaid tax obligations, according to documents obtained by the Financial Times.
