Nigeria has escalated its scrutiny of cryptocurrency operations within its borders, demanding transaction histories from Binance for its top 100 local users and detaining two senior Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, for three weeks. The Nigerian government is attempting to impose a $10 billion fine on Binance, amidst proposals for stricter regulations on foreign crypto exchanges. These proposed regulations include requiring foreign crypto exchanges to incorporate locally, establish a local office, and face a fivefold increase in registration fees for cryptocurrency exchange licenses. Additionally, the Nigerian Securities and Exchange Commission (SEC) has proposed a 400% increase in supervision fees for crypto firms, as part of efforts to address recent currency woes. The detained executives include an American and a British citizen, with no word from either government about their detained citizens or actions being taken.
Binance just got hit with court order to release user data as Nigerian crisis worsens https://t.co/iEAOBsR00P
The @SECNigeria proposed a 400% increase in supervision fees for crypto firms as the government blames the sector for recent currency woes. @iamsandali reports https://t.co/Cl2KorBs1J
Nigerian Regulator Proposes Fivefold #Crypto Exchange Registration Fee Increase https://t.co/9UwhdoYb8T
NEW: 🇳🇬 Nigeria's securities regulator proposesg stricter rules for digital asset businesses. They'd require virtual asset service providers to be Nigerian companies with a local office, and a 5x increase in registration fees for cryptocurrency exchange licenses. https://t.co/SCNuasE1UB
Two Binance executives are still detained in Nigeria as the country is trying to extract a $10 billion fine. One of these executives is an American and the other is British. No word from either government about their detained citizens or actions being taken Pretty shameful.
Nigeria Proposes Rule Requiring Foreign #Crypto Exchanges to Incorporate in the Country - #cryptocurrency #cryptoexchanges https://t.co/9UwhdoYb8T
ICYMI: Nigeria demands transaction history of top 100 local users from Binance. Heightened tensions follow three-week detention of two senior Binance executives, Nadeem Anjarwalla and Tigran Gambaryan. https://t.co/xQXcWgX9Vf