The Nigerian crypto community is divided over the government’s bid for Binance user data

Nigerian cryptocurrency stakeholders are weighing in on a government request by Binance to reveal details of the top 100 users in the country. Opinions vary, with some supporting the government's actions and others disagreeing.

In interviews with Cointelegraph, local crypto stakeholders shared their thoughts on the situation. Rume Offi, a crypto analyst, said the government was well within its rights, as such questions are always asked when the government tries to investigate national security issues.

Ofi's comments, however, don't sit well with other local crypto enthusiasts who have taken to X to voice their disagreement. Crypto enthusiast and cybersecurity expert Chukumaeze DK found the request for the top 100 users surprising and doubted Binance would comply.

However, Nigerian financier Olumide Adesina has taken it to X to inform Binance users of the terms of disclosing such information through the company's government law enforcement request system.

Binance's Government Law Enforcement Request System states that Binance may share user information with courts, law enforcement officials, regulators, attorneys or other third parties to comply with laws and to respond to law enforcement and regulatory requests, especially when compelled by a subpoena. Warrant to order, search or seize.

Related: Binance says it trained investigators in Nigeria with government cooperation

Nigeria is reportedly pressuring Binance to provide information on its top 100 users as the exchange takes hold. In addition, Nigerian authorities have asked Binance to hand over their transaction history for the past six months.

Flinkap CEO Nathaniel Luz said the Nigerian authorities are requesting a list of the top 100 Nigerian P2P traders to check for Naira/Dollar exchange rate manipulation. on stage. This information also contains transactions made by these individuals.

Bio Onanuga, adviser to the president on information and strategy, argued that Binance and other crypto platforms have seized the naira and caused a sharp decline in the local fiat currency. The authority has proposed banning platforms like Binance in the country.

Nigeria has emerged as one of the fastest growing crypto economies in the world over the past few years. It is the second largest economy in the world in terms of crypto adoption by 2023. Number of Google searches for “cryptocurrency” or “buy crypto” in Nigeria in August 2022. “

Magazine: Bitcoin Hits New High, SEC Delays Options Decision, and Stable Coin Balance Hovers: Hodler's Digest, March 3-9