- 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.
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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.
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“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:
