Binance Lays Out 'Facts' In Nigeria Business Amid Executives' Detainment

Cryptocurrency giant Binance on Wednesday laid out "facts and numbers" regarding its business in Nigeria, stopping short of directly addressing the issue of the reported "detainment" of two of its executives in the West African nation.

"In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously," Binance said in a blog post.

Binance, the world's largest crypto exchange by trading volume, said compliance with applicable laws in various countries is a "top priority" as it has been proactively engaging with regulators and law enforcement whenever it can contribute to operations on preventing unlawful financial activities.

It said that while Nigeria isn't one of the exchange's top markets, it believes that the country "holds extraordinary potential" and it hopes to continue investing in the Nigerian market.

"We are proud that Binance has become one of the most trusted platforms among crypto users in the country and we believe we are rewarded with that trust because of our efforts to give them the best trading experience while keeping their funds safe," the crypto exchange said.

It revealed that between June 2020 and February 2024, the exchange's financial crime compliance (FCC) teams responded to a total of 626 information requests from Nigerian law enforcement agencies. Binance said the information it provided helped some of the country's top agencies, such as INTERPOL Nigeria, "to tackle crimes ranging from scams and fraud to money laundering, blackmail, kidnapping, and extortion."

The exchange also said the Binance team visited Nigeria twice in recent months to deliver two full-day sessions for investigators that focused on "practical aspects of cryptocurrency investigations." Such trainings for local investigators "are unprecedented within the cryptocurrency industry," Binance noted.

It then urged Nigerian officials and regulators to "rely on industry-leading partners" with a track record of constructive collaboration with Nigerian authorities as the country continues to move toward fintech adoption.

"We look forward to continuing these kinds of constructive engagements in the future as we work together jointly to ensure that all Nigerians prosper," the embattled exchange said.

The blog post was published a day after Wired reported that Binance's global head of intelligence and investigation, Tigran Gambaryan, and the exchange's regional manager for Africa, Nadeem Anjarwalla, have been detained in a Nigerian government property since Feb. 26.

A Binance spokesperson told International Business Times that the crypto titan was working collaboratively with Nigerian officials "to bring Nadeem and Tigran back home safely to their families."