Binance: Ex Presid'l Aspirant Stands With Tinubu Amid Crypto Clampdown, "They Should Pay The Price"
- Two senior executives of Binance have been detained in Nigeria as the Bola Tinubu administration tries to fix the nation's economy
- Legit.ng reports that following the detention of the executives, Binance halted trading of the Naira against bitcoin digital coin on its exchange
- Reacting to the crackdown, a two-time presidential aspirant, Adamu Garba, declared that "Binance should face the law and pay the price for its infractions against the Nigerian law"
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Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public journalism, technology and economy.
FCT, Abuja - Adamu Garba, a former presidential aspirant, on Thursday, February 29, said Binance should face the law.
Garba, a chieftain of the ruling All Progressives Congress (APC), alleged that Binance committed infractions against the Nigerian law.
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The outspoken Adamawa native insisted that Nigeria is not a lawless nation.
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He wrote on his verified X (formerly Twitter) handle:
“In 2020 when the EndSars stuff was at the peak, the whole plan by these crypto companies was to demarket our financial system so that people can jump ship to theirs. Jack Dorsy came with his Square platform hoping to benefit from it.
“In reality, Nigeria became the second largest users of cryptocurrency in the world, (first was the U.S) that year, jumping to $526M transactions in just a month.
“And now Binance, $26bn? On P2P? What do they take us for? A lawless, ungoverned nation?
“No! It’s time for Nigeria to show that we have laws and we are a governed nation.
“Binance should face the law and pay the price for its infractions against the Nigerian law.”
Legit.ng reports that the FG has detained at least two senior executives of Binance, a cryptocurrency exchange company.
According to Financial Times, both executives flew into Nigeria recently following a ban on their website and were arrested by officials of the office of the national security adviser (NSA) and their passports seized.
Read more about Binance Nigeria:
- Dollar crashes against Naira on Binance as CBN orders BDCs to sell USD to Nigerians at cheap rate
- Nigerian crypto traders rush to Binance, trade N1.9bn in 24 hours as FG blocks platforms
- Binance issues warning to Nigerian users after FG threatened to block platform over FX manipulations
NCC orders Glo, MTN to block Binance
Earlier, Legit.ng reported that the Nigerian Communications Commission (NCC) ordered telecom companies to restrict access to Binance and other cryptocurrency companies' websites.
The telcos received a directive from the commission on Wednesday, February 21, 2024.
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Source: Legit.ng
