Binance says it has trained investigators in Nigeria with the cooperation of the government.
Crypto exchange Binance expressed strong cooperation with Nigerian authorities in a blog post on March 13 in response to the recent violence in the country.
According to Binance, the current turbulent relationship with the authorities was completely different a few months ago. For example, in In August 2023, the Exchange held two full-day meetings with officials from the Economic and Financial Crimes Commission (EFCC) in Abuja and Lagos, each attended by more than 30 investigators.
The training focused on instructing investigators to search for funds on the blockchain using public and commercial tools. “We also introduced several case studies, including Nigerian suspects. Both sessions received overwhelmingly positive feedback from Nigerian investigators who are keen to continue this collaborative format,” Binance said.
In addition, Binance is said to have responded to 626 information requests from Nigerian law enforcement agencies in an average of 37.4 hours between June 2020 and February 2024 in support of investigations by the Nigerian Police Force, EFCC and INTERPOL Nigeria.
Binance's blog post is in response to accusations by the local government that the company contributed to the country's economic woes by manipulating the Nigerian Naira (NGN) as the national currency and calling for a ban on all crypto exchanges operating in Nigeria.
The Central Bank of Nigeria (CBN) has expressed concern over suspicious financial flows, estimating that $26 billion from unknown beneficiaries and sources has passed through Binse Nigeria by 2023.
The investigation led to a fundamental change in Binance's relationship with the local government, resulting in the arrest of two of its top executives on February 26. .
Nigeria is one of the fastest growing crypto economies globally by 2023. However, Nara has experienced significant turbulence in the past year, largely due to economic uncertainty and low confidence among investors.
According to Reuters, the nara fell 36 percent on the official market in June 2023 after President Bola Tinuyi removed trade restrictions and suspended Central Bank of Nigeria Governor Godwin Emfile.
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