Binance Partners With Nigerian Government To Train Top Investigators In Thrilling Collaboration

A recent blog post from Binance suggests a significant shift in its relationship with the Nigerian government in recent months.

Binance reveals close collaboration with Nigerian authorities in response to recent operational challenges in a blog post on March 13.

According to Binance, its relationship with Nigerian authorities was notably different a few months ago. In August 2023, the exchange conducted extensive training sessions with Economic and Financial Crimes Commission (EFCC) officials in Abuja and Lagos.

The training sessions focused on teaching investigators how to trace money on the blockchain using various tools, with positive feedback received from Nigerian investigators. Binance expressed interest in continuing this cooperation format.

Binance reportedly responded to 626 information requests from Nigerian law enforcement agencies, including the Nigeria Police Force, EFCC, and INTERPOL Nigeria, between June 2020 and February 2024, with an average response time of 37.4 hours.

Binance’s blog post responds to local government allegations of currency manipulation and economic disruption, amid calls for a ban on crypto exchanges in Nigeria.

The Central Bank of Nigeria (CBN) voices concerns over suspicious financial flows, estimating $26 billion transacted through Binance Nigeria from undisclosed sources in 2023.

Heightened scrutiny prompts a shift in Binance’s relationship with the Nigerian government, resulting in the detention of two senior executives on February 26. Binance delists all Nigerian Naira trading pairs from its peer-to-peer service amidst the crackdown.

Despite Nigeria’s status as a rapidly growing crypto economy, it faces economic challenges, leading to significant volatility in the naira, particularly in 2023, marked by political upheaval and investor uncertainty.

Reuters reports a 36% decline in the naira on the official market in June 2023, following President Bola Tinubu’s removal of trading restrictions and the suspension of Nigeria’s central bank governor, Godwin Emefiele.

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