Nigeria is not yet among Binance’s top markets despite being a leading global crypto market. However, the crypto exchange said it recognizes the West African country’s “extraordinary potential,” which is one reason why it is eager to invest there.
Binance Says Nigeria Is Not Yet One of Its Top Markets
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‘Extraordinary Potential’
The cryptocurrency exchange Binance has clarified that Nigeria, despite being one of the world’s largest crypto markets, is not yet one of its top markets. However, Binance acknowledged the country’s “extraordinary potential” in an update on its ongoing dispute with the Nigerian government. This potential according to the update, is why Binance is still keen on investing in the country.
As reported by Bitcoin.com News, the Nigerian government has intensified its conflict with the crypto exchange, blaming the sharp depreciation of the local currency in February on Binance. In response, Binance reportedly capped the naira to USDT exchange rate but this ultimately failed to assuage officials who went on to detain Binance’s visiting senior executives.
Since then, officials have alternated in threatening the crypto exchange. Some reports suggested that Binance was asked to pay to secure the release of the detained executives. Until recently, Binance had largely refrained from publicly commenting on the status of the two executives, whose identities were recently revealed.
Binance Cooperates with Nigerian Law Enforcement Agencies
However, after it was revealed that Nigerian authorities were detaining the duo based on a court order, Binance subsequently issued an update chronicling its journey in the country so far.
“Binance has a policy of cooperation and compliance with all lawful information requests and legal inquiries from government, local regulatory, and law enforcement authorities pertaining to investigations, prosecutions, and forfeiture actions,” the crypto exchange said.
The statement also disclosed Binance’s cooperation with Nigerian law enforcement agencies from 2020 to 2024, as well as its role in training the respective agencies’ employees. Binance concluded the statement by expressing its willingness to engage with authorities “to ensure prosperity for all Nigerians.”
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