Global site navigation

Local editions

Binance: Ex Presid'l Aspirant Stands With Tinubu Amid Crypto Clampdown, "They Should Pay The Price"
Nigeria

Binance: Ex Presid'l Aspirant Stands With Tinubu Amid Crypto Clampdown, "They Should Pay The Price"

by  Ridwan Adeola 2 min read
  • 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"

PAY ATTENTION: The 2024 Business Leaders Awards Present Entrepreneurs that Change Nigeria for the Better. Check out their Stories!

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.

Read also

Why Nigeria needs to clamp down on Binance, presidency speaks out

Binance Nigeria/binance p2p nigeria
The FG has arrested executives from Binance in a crackdown. Photo credits: Bloomberg, Picture Alliance
Source: Getty Images

The outspoken Adamawa native insisted that Nigeria is not a lawless nation.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

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.

Read also

Dollar crashes against naira on Binance as CBN orders BDCs to sell USD to Nigerians at cheap rate

“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:

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.

Read also

Ozekhome sounds alarm, predicts dollar could reach N4,000 in 2024's end

The telcos received a directive from the commission on Wednesday, February 21, 2024.

PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!

Source: Legit.ng

Authors:
Ridwan Adeola avatar

Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a content creator with more than nine years of experience, He is also a Current Affairs Editor at Legit.ng. He holds a Higher National Diploma in Mass Communication from the Polytechnic Ibadan, Oyo State (2014). Ridwan previously worked at Africa Check, contributing to fact-checking research works within the organisation. He is an active member of the Academic Excellence Initiative (AEI). In March 2024, Ridwan completed the full Google News Initiative Lab workshop and his effort was recognised with a Certificate of Completion. Email: ridwan.adeola@corp.legit.ng.

Tags:
Hot: