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Tag: Binance

  • Binance, two officials for arraignment Thursday over alleged money laundering, tax infractions

    Binance, two officials for arraignment Thursday over alleged money laundering, tax infractions

    A Federal High Court in Abuja has scheduled the arraignment of Binance Holdings Limited with two of its officials – Tigran Gambaryan and Nadeem Anjarwalla – for Thursday.

    It was learnt that the firm, Gambaryan and  Anjarwalla (who escaped from lawful custody on March 22 and the country) will be arraigned before Justice Emeka Nwite on two separate charges.

    The one filed by the Economic and Financial Crimes Commission (EFCC), bordering money laundering, has five counts.

    The other, filed by the Federal Inland Revenue Service (FIRS) has four counts, in which they were accused on sundry tax infractions.

    The Nation learnt that Anjarwalla will be arraigned in absentia.

    In the charge by the EFCC, filed on March 28, the defendants are accused, among others, of laundering about $35,400,000.

    In count one of the charge, the defendants are alleged to have, between January 2023 and January 2024 in Abuja, engaged in carrying out specialised business of other financial institution without valid licence.

    Read Also: Binance executives sue NSA, EFCC

    The EFCC said the act constitutes an offence contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act (BOFIA) 2020 and punishable under Section 57(5) of the same Act.

    In the charge by the FIRS, marked: FHC/ABJ/CR/115/2024 filed on March 22 by the FIRS, the defendants were alleged to have committed the offence on or about February 1 this year.

    In count one, the defendants are accused of failing to register with the FIRS for the purpose of paying all relevant taxes while carrying out and offering services to subscribers on their platform (Binance).

    The FIRS said the act constitutes an offence punishable under Sections 8 and 29 of the Value Added Tax (VAT) Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended).

    Justice Nwite had, on March 18 ordered Binance to provide the EFCC with a comprehensive data or information of all persons from Nigeria trading on its platform.

    The judge granted the interim order in a ruling on an ex-parte motion  filed by EFCC’s lawyer, Ekele Iheanacho.

    The judge said the interim order was to enable the EFCC investigates its claim that money laundering and terrorism financing activities were being allowed on Binance’s platform.

    The EFCC had, in a supporting affidavit, claimed to have uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    It added that information made available to its investigators by Binance revealed that total trading volume from Nigeria alone, in 2023  stood at $21.6 billion.

  • Binance executives sue NSA, EFCC

    Binance executives sue NSA, EFCC

    The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights.

    Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

    Also, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from lawful custody March 22, filed a separate right enforcement suit before Justice Ekwo.

    The News Agency of Nigeria (NAN) reports that Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

    They  sought same reliefs.

    Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, in his application, sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution (As Amended).

    He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.

    He also sought an order directing the respondents to release him from their custody and! return his international travel passport with immediate effect.

    Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

    The official, who sought an order for the respondents to issue a public apology to him, also prayed for the cost of thie action on a full indemnity basis.

    In a statement in support of the suit, he said he is an American citizen who visited Nigeria on Feb. 26 February, along with fleeing Nadeem Anjarwalla, as a representative of Binance, to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

    Giving 11-ground argument why his application should be granted, he said that he and his colleague, Anjarwalla, dutifully attended the meeting.

    He said after the meeting the two of them were detained by the respondents and had remained in detention since then.

    He said he did not commit any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

    “The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said, adding that he was not a member of the Board of Directors of Binance.

    When the two suits were called on Thursday, T.J. Krukrubo, SAN, appeared for Anjarwalla and Gambaryan

    Krukrubo, told the court that though the respondents were served two days ago, they were not represented in court.

    The senior lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26.

    Although Krukrubo did not give details of why they were withdrawing their legal representation, this might not be unconnected to the disappearance of the applicant in custody.

    Read Also: The strange case of the Binance escapee

    Justice Ekwo said having withdrew their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court.”

    The judge adjourned the matter until April 8 for further mention.

    Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

    He therefore sought an adjourned date, saying the respondents time to file their applications would expire next week Thursday.

    Justice Ekwo consequently adjourned the matter until April 8 for further mention.

    (NAN)

  • JUST IN: FG to arraign Binance, two others for alleged tax evasion April 4

    JUST IN: FG to arraign Binance, two others for alleged tax evasion April 4

    The Federal Government will, on April 4, arraigned Binance Holdings Limited and its two top officials; Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion.

    The News Agency of Nigeria (NAN) reliably gathered on Thursday that Binance, Mr Gambaryan and Mr Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on four-count charge.

    NAN reports that while Anjarwalla is Binance’s Africa regional manager, Gambaryan, is a US citizen overseeing financial crime compliance at the crypto exchange platform.

    However, Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody.

    Anjarwalla escaped on Friday from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

    The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

    NAN reports that though the FHC’s Easter vacation, which began on March 22, will come to an end on April 8, the Chief Judge of FHC, Justice John Tsoho, directed the transfer of Binance case file to Justice Nwite.

    Although Justice Nwite is not a vacation judge, it was gathered that the chief judge granted the fiat for the judge to handle the case during vacation being a matter that concerns dire national interest.

    Hearing notices had been related to the Federal Inland Revenue Service (FIRS), the prosecuting agency, and counsel to other parties for the defendants to take their plea.

    In the charge marked: FHC/ABJ/CR/115/2024 dated and filed March 22 by the FIRS’ team of lawyers, led by Moses Ideho, the defendants were alleged to have committed the offence on or about Feb. 1.

    Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, for the purpose of paying all relevant taxes administered by the service.

    Count two alleged that while they were offering taxable services to subscribers on their trading platform known as Binance, failed to issue invoices to those subscribers for the purposes of determining and payment of their value added taxes (VATs).

    Count three accused them of offering services to subscribers on their trading platform in the buying and selling of cryptocurrencies and in the remittance and transfer of those assets, and that having offered those services, was obliged to deduct VATs, and did fail to deduct necessary VATs, arising from their operations.

    In count four, the defendants were alleged to have while involved in the offering of services to subscribers on their trading platform, did aid and abet those subscribers to unlawfully refuse to pay taxes, or neglect to pay those taxes.

    The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

    In the affidavit deposed to by Mercy Aliyu, a legal officer with the FIRS’ Litigation and Prosecution Department, she averred that investigations that culminated to the charge had substantially been concluded.

    She said that “there are reasonable grounds that a prima facie case of tax evasion exists against the accused persons.”

    Aliyu said the following documents would be tendered in the course of the trial, including a tax investigation report on the activities of Binance.

    She also said statement of Stephen Dazi Hoke, statement of Saudi Abdulsalam, statement of Saliu Olarewanju and a letter signed by Siemon Kato requesting for information from Taxpro Max all dated March 19 would be tendered.

    Besides, she said a report on the investigation on the activities of Binance, with respect to tax evasion also dated March 19 and any other reports on the tax evasion of Binance would be made available to establish their case.

    NAN had, on March 18, reported that Justice Nwite ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.

    Read Also: The strange case of the Binance escapee

    The judge granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    The interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance platform.

    The commission said it uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    The EFCC said that from the information afforded to its team of Investigators by Binance showed that the total trading volume from Nigeria in 2023 alone stood at 21.6 billion dollars.

    (NAN)

  • Securitymen under fire over Binance chief

    Securitymen under fire over Binance chief

    Security officers from whose custody Binance Executive Director Nadeem Anjarwalla escaped are under interrogation.

    The Federal Inland Revenue Service (FIRS) has filed criminal charges against Binance, a cryptocurrency exchange platform accused of aiding money laundering and terrorist financing.

    The Federal Government yesterday said security agencies are working with the International Criminal Police Organisation (INTERPOL) for a global arrest warrant for Anjarwalla.

    The Africa Regional Manager of Binance was arrested on February 26 on arrival in Nigeria, along with his colleague Tigran Gambaryan.

    He escaped from lawful custody on Friday.

    Head of Strategic Communication in the Office of the National Security Adviser (ONSA), Zakari Mijinyawa, said in a statement that a preliminary investigation revealed that Anjarwalla fled Nigeria using a smuggled passport.

    The statement reads: “The ONSA confirms that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria escaped from lawful custody on Friday, 22 March 2024.

    “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, MDAs, as well as the international community, to apprehend the suspect.

    “Security agencies are working with Interpol for an international arrest warrant on the suspect.

    “Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport.

    “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.

    “The Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.

    “Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and serves as Binance’s Africa regional manager, was being tried by Nigerian courts.

    “The suspect escaped while under a 14-day remand order by a court in Nigeria. He was scheduled to appear before the court again on April 4, 2024.

    “We urge the Nigerian public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect.”

    FIRS slams tax evasion charges on platform

    The FIRS filed the charge FHC/ABJ/CR/115/2024 at the Federal High Court in Abuja.

    It accused Binance of four separate tax offences: non-payment of Value Added Tax (VAT), Company Income Tax (CIT) evasion, failure to file tax returns and “aiding customer tax evasion”.

    The FIRS, in a statement, said the charge goes beyond non-registration, as Binance failed to adhere to existing Nigerian tax regulations.

    Read Also: FEC approves fund to bridge $878bn national infrastructure deficit

    The statement reads: “The Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

    “One of the counts pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

    “Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.”

    FIRS accused Binance of neglecting to register for tax purposes as required by law, while the platform’s operations violated established tax regulations.

    Binance, the agency said, failed to issue invoices for VAT purposes, hindering the proper assessment and payment of taxes by its Nigerian users.

    Binance, Gambaryan and Anjarwalla are the first, second and third defendants.

    The charge comes after Binance pleaded guilty to violating anti-money laundering laws in the United States in late 2023.

    The company settled the charges through a plea bargain that resulted in a $4.3 billion penalty.

    The case represents a major development in regulating cryptocurrency activities in Nigeria.

    The outcome will be closely watched by industry players and could set a precedent for future regulation of the cryptocurrency sector in Nigeria.

    FIRS restated its commitment to enforcing tax regulations and tackling financial misconduct within the cryptocurrency sector in the exercise of its power to assess, collect, and account for federal revenue and administer relevant tax laws.

  • FULL LIST: Nigerian tax laws allegedly violated by Binance

    FULL LIST: Nigerian tax laws allegedly violated by Binance

    The Federal Inland Revenue Service (FIRS) has filed criminal charges against Binance, a renowned cryptocurrency exchange platform.

    The lawsuit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CR/115/2024, accuses Binance of violating four separate tax laws.

    Below is the list of the tax laws allegedly violated by Binance:

    1. Non-payment of Value-Added Tax (VAT):

    The federal government accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country.

    2. Company Income Tax:

    One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

    Read Also: Binance executive escaped with smuggled passport, INTERPOL on the trail – ONSA

    3. Failure to file tax returns:

    Another count is that Binance violated Section 40 of the Act explicitly addressing the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities.

    4. Complicity in aiding customers to evade taxes through its platform

    The FIRS emphasised its commitment to enforcing tax regulations and tackling financial misconduct within the cryptocurrency sector.  

  • Binance executive escaped with smuggled passport, INTERPOL on the trail – ONSA

    Binance executive escaped with smuggled passport, INTERPOL on the trail – ONSA

    The Office of the National Security Adviser (ONSA) has admitted that a Binance Executive, Nadeem Anjarwalla, escaped from custody with a smuggled passport.

    It also said the personnel in charge of Anjarwalla’s custody have been arrested pending investigation.

    But ONSA said security agencies were working with the International Criminal Police Organization  (INTERPOL) to watch-list the suspect and re-arrest him.

    The update on Binance Executive was contained in a statement by Head – Strategic Communication , Office of the National Security Adviser (ONSA), Zakari U. Mijinyawa ,

    The statement reads:  “The Office of the National Security Adviser confirms that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance in Nigeria has escaped from lawful custody on Friday, 22 March 2024. 

    Read Also: BREAKING: FG charges Binance with tax evasion, others

    “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies , MDAs, as well as the international community, to  apprehend the suspect. Security agencies are working with Interpol for an international arrest warrant on the suspect . 

    “Preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport. 

    “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.

    “Recall that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform. 

    “Until his escape, Nadeem Anjarwalla, who holds British and Kenyan nationalities and serving as Binance’s Africa regional manager, was being tried by Nigerian courts.

    “The suspect escaped while under a 14-day remand order by a court in Nigeria. He was  scheduled to appear before the court again on 4 April 2024. “

    The statement asked Nigerians to provide useful information on the fleeing suspect.

    “We urge the Nigerian  public and the international community to provide whatever information they have that can assist law enforcement agencies to apprehend the suspect,” it added.

  • BREAKING: FG charges Binance with tax evasion, others

    BREAKING: FG charges Binance with tax evasion, others

    The Federal Inland Revenue Service (FIRS) has filed criminal charges against Binance, a leading cryptocurrency exchange platform. 

    The lawsuit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CR/115/2024, accuses Binance of four separate tax offenses. 

    They include non-payment of Value Added Tax (VAT); failure to file tax returns; non-payment of Company Income Tax (CIT) evasion and “aiding customer tax evasion”. 

    The FIRS alleged that Binance’s platform facilitated customer tax evasion.

    In a statement on Monday in Abuja, the FIRS noted that filing the suit goes beyond the issue of registration, asserting that Binance failed to adhere to existing Nigerian tax regulations.  

    According to the FIRS: “The Federal Government also accused Binance of failure to register with FIRS for tax purposes and contravening existing tax regulations within the country. 

    “One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

    Read Also:Binance exit: Nigerians seek alternative crypto trading platforms

    “Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities”.

    Specifically, the FIRS accused Binance of neglecting to register for tax purposes. 

    The lawsuit claimed that Binance did not register with the FIRS as required by law while another charge alleges that Binance’s operations violated established tax regulations in Nigeria.

    The FIRS provided details to support its claims.

    The lawsuit named Tigran Gambaryan and Nadeem Anjarwalla, senior Binance executives in the custody of the Economic and Financial Crimes Commission (EFCC) as the second and third defendants.

    The FIRS emphasised its commitment to enforcing tax regulations and tackling financial misconduct within the cryptocurrency sector.  

    The agency is empowered by law to assess, collect, and account for federal revenue, including administering relevant tax laws.

    The lawsuit comes after Binance pleaded guilty to violating anti-money laundering laws in the United States in late 2023. 

    The company settled the charges through a plea bargain that resulted in a $4.3 billion penalty.

    This lawsuit represents a major development in regulating cryptocurrency activities in Nigeria.  

    The outcome of the case will be closely watched by industry players and could set a precedence for future regulation of the cryptocurrency sector in Nigeria. 

    Details Shortly…

  • On Nigeria vs. Binance

    On Nigeria vs. Binance

    SIR: Recent headlines have painted a picture of two Binance executives – Nadeem Anjarwalla and Tigran Gambaryan – as being “unjustly” detained in Nigeria. While their situation may be concerning on the surface, a closer look reveals a more complex story.

    Nigeria faces significant economic challenges, including high inflation and a weakening naira. This has driven many Nigerians to cryptocurrencies as a hedge against a volatile traditional currency. This widespread adoption of crypto, however, has raised concerns among economic and security experts as well as the Nigerian government itself.

    The government accuses Binance of playing a role in the naira’s depreciation. While Binance claims it merely facilitates peer-to-peer trading and doesn’t set prices, it emerged as a preferred platform for Nigerians seeking dollar-pegged stable coins, essentially creating an unofficial black market for currency exchange. It also served as the go-to place for speculators and other users who want to determine the exchange rate.

    This current focus on potential financial crimes goes beyond the detention of the executives. The Federal High Court recently ordered Binance to provide comprehensive data on its Nigerian users to the Economic and Financial Crimes Commission (EFCC). This move suggests the EFCC suspects money laundering or terrorist financing activities on the platform, possibly linked to the alleged manipulation of the naira.

    Read Also: Alleged Terrorism financing: Court orders Binance to release data to EFCC

    It is important to acknowledge that Nigeria is following its legal procedures. The executives were granted a court hearing, and consular visits have taken place, albeit with limitations. The detention is not an arbitrary action but a response to alleged activities that may contravene Nigerian laws and the investigation is a testament to Nigeria’s commitment to enforcing its regulations and ensuring that all entities operating within its borders comply with its laws.

    The country’s stance on cryptocurrency has been clear: the Central Bank of Nigeria (CBN) does not recognize cryptocurrencies as legal tender and commercial banks have been prohibited from engaging in cryptocurrency transactions since 2017. The Securities and Exchange Commission (SEC) has also declared Binance’s operations illegal, as the company is not registered or regulated by them. This position aligns with the efforts of many countries to mitigate the risks associated with cryptocurrencies, such as money laundering and terrorism financing.

    The narrative of sympathy towards Binance and the detained executives must be balanced with the recognition of Nigeria’s legal prerogatives and its strategic national interest. The country is acting within its rights to investigate and regulate entities that engage in financial activities within its jurisdiction.

    Only a thorough investigation and a fair trial can resolve the case not blackmail as some of the actors are trying to push.

    • Ahmad Muhammad Danyaro, Abuja.
  • Alleged Terrorism financing: Court orders Binance to release data to EFCC

    Alleged Terrorism financing: Court orders Binance to release data to EFCC

    A Federal High Court, Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with the comprehensive data or information of all persons from Nigeria trading on its platform.

    Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

    “The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed.

    “That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” the judge ordered.

    The News Agency of Nigeria (NAN) reports that the interim order was granted to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance, a crypto currency exchange platform.

    A certified true copy of the ruling, which was delivered on Feb. 29, was sighted by NAN on Monday.

    The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

    In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

    Read Also: Binance exit: Nigerians seek alternative crypto trading platforms

    Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.

    “That on receipt of the Intelligence, the team began investigation by conducting surveillance of the activities of the platform.

    “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

    “That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

    “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).

    “Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others.

    “That the commission will ensure that investigation is conducted within such reasonable time.”

    Bello, who said that the matter was of utmost urgent public interest, said the data provided would enable the commission accomplish its investigation activities.

    He said it was in the interest of justice to grant the application as refusal of the request woulf largely hamper the commission’s investigation.

    NAN reports that Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

    In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.

    (NAN)

  • Binance exit: Nigerians seek alternative crypto trading platforms

    Binance exit: Nigerians seek alternative crypto trading platforms

    Following the exit of Binance from Nigeria, cryptocurrency traders are seeking other naira exchange platforms to carry out their trading.

    The Nation reported that Binance, on March, 5 announced plans to quit providing services related to the nairaw amid its crackdown by the Federal Government to salvage what seemed to be the free fall of the nation’s legal tender.

    The global crypto exchange platform advised users to withdraw naira deposits on the said day, warning that any  balance on the platform by March 8 would be converted to Tether — a cryptocurrency stablecoin pegged to the United States dollar.

    The Central Bank of Nigeria (CBN) had raised concerns on the possibility of illicit transactions and money laundering on the cryptocurrency exchanges and other abuses, including the manipulation of the forex market.

    Two Binance officials were arrested by the National Security Adviser (NSA), Nuru Ribadu, over allegations of “illegal transactions”.

    The Federal Government also demanded at least $10 billion as retribution from Binance amid the crackdown on the crypto exchange platform in desperate moves to strengthen the naira.

    Read Also; Killing of soldiers: Delta community deserted, residents flee home

    However, the exit and delisting of Naira on Binance unsettled millions of crypto traders and investors in Nigeria even as they explore ways of navigating through the recent tide.

    In the build to seeking peer-to-peer exchange among traders across using the naira, the crypto market of over 22 million investors have, nonetheless, chosen to stay optimistic on scouting for substitute platforms that could handle their transactions.

    A crypto trader, Frank Edwards, told our correspondent  that the exit of Binance has had an adverse effect on his trading.

    He said: “It has been a negative experience and impact on the business (cryptocurrency) side of things.

    “Our government just like to look for scape goats for every situation they create for themselves. Unfortunately, the youths are on the receiving end not Binance as Nigeria government thought.”

    He said it was difficult for him to trade like he used to as he pointed out about having his asset as stock.

    Asked about discovering any option outside Binance, Edwards said: “Definitely, one has to look for an alternative which I have.

    “KuCoin is gaining popularity at the moment. Their P2P community is growing with fast pace.”

    He explained that a user could still trade on Binance if they had USD in their wallet, adding: “What you can’t do  on Binance is trade in naira or trade P2P in naira again. So, since our legal tender is naira, it means you can’t withdraw your money or sell your cryptocurrencies for naira.”

    Meanwhile, our correspondent observed via a survey on X app that many crypto investors have pitched tent with platforms like Kucoin as stated by Edwards.

    In the survey, an internet user asked what alternatives traders were resorting to. Kucoin and Bybit were conspicuously the prominent mentioned. However, the post was deleted in no time after some X users suggested that it might be putting the respondents as well as their newfound alternatives in harm’s way.

    KuCoin is reported to be a relatively new but large cryptocurrency exchange based out of Hong Kong, established in May 2017 by a team of blockchain and crypto professionals who started developing and building the exchange architecture back in 2011.

    Owned by Mek Global Limited/Kucoin Group with Johnny Lyu as the CEO, its headquartered in Seychelles.

    The platform which is available in over 200 countries with over 31 million users globally, allows users to buy, trade, or sell digital assets and use features such as P2P trading, futures, margins, lend or stake assets, and more.

    As with most cryptocurrency exchanges, KuCoin is not regulated by any reputable regulatory agencies.

    Similarly, Bybit whose co-founder and CEO is Ben Zhou, is a cryptocurrency derivative trading platform established in March 2018, registered in the British Virgin Islands and headquartered in Singapore.

    With over 20 million users worldwide, it offers more than 230 perpetual and futures contracts. The exchange which gives traders the ability to trade cryptocurrency perpetual contracts with up to 100x leverage. It also offers basic coin swaps and other crypto services.