Binance and Nigeria Celebrate Post-Naira Debacle Alliance

The exchange will maintain compliance with local regulations as it becomes “one of the most trusted platforms” in the country.

Two Nigerian police officers holding a Binance logo over a cliff.
Created by Gabor Kovacs from DailyCoin
  • Binance has announced its partnership with Nigerian law enforcement following a regulatory tussle.
  • The exchange will ensure compliance with local regulations.
  • Binance has recapped its regulatory actions over the past years.

The Binance Nigeria saga has rocked the industry over the past week, with speculation heightening about the exchanges’ fate. The suspension of all naira-backed services across the exchange’s platforms and the detention of its executives further heightened the apprehension, casting doubts on the exchange’s future within the country. 

However, in a surprising twist, Binance has announced a partnership with the Nigerian government. 

Binance and Nigeria Embrace

According to a blog post on Wednesday, March 13, the exchange has become “one of the most trusted platforms” for users within the country as it announces a partnership with local law enforcement.   


Binance emphasized that while Nigeria is not currently among its top markets, its status as the largest African economy and fast-growing crypto industry underscore its potential.

Addressing the recent uproar regarding the detention of the exchange’s head of financial crime compliance, Tigran Gambaryan, and Nadeem Anjarwalla, the regional manager for Africa, Binance asserted that it will continue to work with Nigerian authorities to facilitate their return.

Binance further addressed its proactive approach to regulatory compliance. The exchange recapped its collaboration with various Nigerian authorities since 2020, tackling financial crimes ranging from scams and fraud to money laundering, blackmail, and more. 


“In one high-profile action that took place in January 2022, we restricted 281 accounts belonging to Nigerian residents due to money laundering concerns and extensively collaborated with the authorities to protect users from illicit activity,” stated Binance.

The exchange asserted that it will continue constructive engagement with local authorities and support the growth of the local crypto industry. Binance has yet to reveal whether it will reinstate the suspended naira services.

Read more on the Binance Nigeria debacle before resolution:

Nigeria Hunts Binance User Data as Arrested Execs Are Named 

Here’s how the US government is restricting former Binance CEO CZ’s freedom ahead of trial:

Court Turns up Heat on Binance CZ as Sentencing Nears 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.