Binance Withdraws from Nigeria Amid Regulatory Concerns and Accusations

Binance, one of the world’s largest cryptocurrency exchanges, has recently faced regulatory concerns and accusations in Nigeria, leading to its withdrawal from the market in the country. The Nigerian government has raised suspicions about illegal activities and transactions on the platform, prompting investigations and arrests of two Binance executives.

Nadeem Anjarwalla and Tigran Gambrayan, the two executives, were arrested in Nigeria on charges related to tampering with the country’s fiat currency, the naira. While Anjarwalla managed to escape to Kenya and then to the UK, Gambrayan’s hearing has been delayed as the charges against him have not been proven guilty. The situation has caused a stir in the cryptocurrency industry, with Binance facing allegations and limitations in various countries.

The Nigerian government has blamed Binance for mishandling the country’s cryptocurrency, leading to the collapse of the naira and a supposed $10 billion fee demanded from the exchange. As a result, Binance has decided to pull out of the Nigerian market, following similar actions in other countries where regulatory issues have arisen.

The ongoing events in Nigeria and other countries have put Binance under pressure, with the exchange facing accusations and restrictions on a global scale. The cryptocurrency industry continues to face challenges and scrutiny from governments and regulators, impacting the operations of major players like Binance.