A big one for Binance Nigeria: “Nigeria…has intensified its efforts to curb speculation on the national currency, the naira, by cracking down on cryptocurrency exchanges as the nation’s economic downturn deteriorates. The Financial Times reported, citing sources, that two senior executives at Binance, one of the world’s largest cryptocurrency exchanges, have been detained in Nigeria in connection with these regulatory measures.”
We must support the Nigerian government to do its work. If Binance broke the law, it must pay. There is no need to criticize the government for actually doing its work. I am not worried that Binance executives are detained provided those executives are treated according to the rule books.
Nonetheless, I concede that these guys may be innocent; we always arrest on emotions before we investigate. And if that is the case, they should be allowed to go home. Simple!
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In America, if you break the law, you pay the price. Some Nigerians have been arrested and put in jails for breaking financial laws in the UK, US, etc. Please allow the government to breathe. We should only ask the government to follow due process.
Yet, I am unhappy that the Financial Times broke this news. You cannot arrest people in Lagos and allow a London-based newspaper to drive the narratives. The leakers should have leaked to local newspapers instead of FT which has limited understanding of Nigeria in this context. #MayNigeriaWork!
What law did Binance break?
Why arrest executives when you haven’t established a crime.
When did speculation become a crime?
The reasons for the fall in naira are obvious but the government keeps chasing shadows.
— Dr. A. TuruMbe (@NDrAgwoTurumbe) February 29, 2024
They accused Binance of facilitating $26B without KYC in Nigeria. That is a crime in America and should be a crime in Nigeria based on NITDA ordinance. If you check, Binance CEO was convicted for the same crime in the US.
Binance Executives Detained in Nigeria As Government Intensifies Cryptocurrency Crackdown
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