Sodeinde QuadriIn a recent development, the Office of the National Security Adviser (ONSA) has confirmed that the Federal Government is actively investigating the operations of Binance, a prominent cryptocurrency exchange company. This comes in the wake of a report by the Financial Times on Wednesday, revealing the arrest and detention of two Binance executives by the Nigerian government.
According to the international news platform, the detained executives had flown into the country last week, presumably in response to a ban imposed on their website. The Nigerian Communications Commission took the controversial step on February 21, 2024, blocking online platforms such as Binance and other crypto firms. The move was intended to curb the manipulation of the forex market and prevent illicit movements of funds.
Zakari Mijinyawa, the Head of Strategic Communication at the Office of the National Security Adviser, disclosed in an interview on Thursday that the ONSA is leading and coordinating an interagency process involving law enforcement officers. The focus is on investigating the operations of Binance, with outcomes expected to be made available in due course. Mijinyawa neither confirmed nor denied the reported arrest of the two Binance executives.
Binance, an online exchange facilitating cryptocurrency trading, has come under increased scrutiny, with the Central Bank of Nigeria Governor, Olayemi Cardoso, revealing that over $26 billion was channeled through Binance without traces in the past year. Speaking at a press briefing after the 293rd meeting of the Monetary Policy Committee in Abuja, Cardoso emphasized the need for a more aggressive regulatory environment.
Advertisement
Presidential spokesman Bayo Onanuga echoed these sentiments during an appearance on Channels Televisionโs Politics Today. Onanuga emphasized the potential economic threat posed by Binance, stating, “If we donโt clamp down on Binance, Binance will destroy the economy of this country.” He accused the platform of fixing exchange rates and highlighted the importance of preventing such sabotage.
