Government demanding from Binance the lists of its Nigerian users

[EL MOHA]

For some months now, the issue of Binance and our Nigerian government has been getting very heated, since the NGN got delisted from Binance we have been using a diverse means to trade.
As of yesterday, a decision was made by the High court towards Binance, ordering them to release comprehensive users data to the Authorities but it seems Binance are not yet giving in and would like to appeal. Is getting very heated now, if it finally ends and the court refuses taking back their order, do you think Binance would have to simply comply?

The thing is binance wouldn’t comply but rather look for ways to reduce the damage that is by paying some fine that the government will ask of but definitely not the $10B. Other government like the US had in the past accused them of money laundering and CZ then took the hit of stepping down from his role and both him and the entity were fined and that’s it.

The reason why I don’t see them releasing the names is because it will look like a breach go right to their customers and they might lose there customers to that, not only In Nigeria but around the world. Many of their customers might see them as push overs by the government and any country can use it against them and we all know even though people submitted KYC they will still want it not to get to their government

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[Charles-Tim]

The thing is binance wouldn’t comply but rather look for ways to reduce the damage that is by paying some fine that the government will ask of but definitely not the $10B. Other government like the US had in the past accused them of money laundering and CZ then took the hit of stepping down from his role and both him and the entity were fined and that’s it.

We do not know what will happen. As some people and organizations are seeking for United States intervention, it is possible that our government may still demand for lists of Nigeria Binance users. If the US government also agree to that, Binance will not have any other option if their officials are not released from detention.

The reason why I don’t see them releasing the names is because it will look like a breach go right to their customers and they might lose there customers to that, not only In Nigeria but around the world. Many of their customers might see them as push overs by the government and any country can use it against them and we all know even though people submitted KYC they will still want it not to get to their government

Exactly. But people should expect something like this if they go for KYC. KYC can be extremely dangerous.

[Mate2237]

The Headline I meant today

click the link below and see the full tori. Will Binance provide this information to the government and it agencies?

Court Orders Binance to Hand Over 'Comprehensive' User Data to Nigerian Authorities
The high court of Nigeria e don order Binance to comprehensively provide the users of it exchange to Economic and Financial Crime Commission (EFCC) with immediate effect. Now my question is why to the EFCC? According to the news, it is because of the price manipulation that EFCC is coming into the matter. Well if dem no use hunt any user of the exchange and it is pure for the reduction of the dollar and increase of naira fight then no problem.

The detained Binance officials were taken to high court today and the court extended the detaining to another two weeks. And names of these detainees are: Tigran Gambaryan from U.S and Nadeem Anjarwalla feom British. https://saharareporters.com/2024/03/21/detained-binance-executives-appear-nigerian-high-court-remain-detention-two-weeks

[Charles-Tim]

The Headline I meant today

click the link below and see the full tori. Will Binance provide this information to the government and it agencies?

Court Orders Binance to Hand Over 'Comprehensive' User Data to Nigerian Authorities
The high court of Nigeria e don order Binance to comprehensively provide the users of it exchange to Economic and Financial Crime Commission (EFCC) with immediate effect. Now my question is why to the EFCC? According to the news, it is because of the price manipulation that EFCC is coming into the matter. Well if dem no use hunt any user of the exchange and it is pure for the reduction of the dollar and increase of naira fight then no problem.

We have talked about this and you can read some replies after I posted it.

https://bitcointalk.org/index.php?topic=5487027.msg63824366#msg63824366

EFCC will use it to look for money laundering, terrorism financing and other illegal money transactions. That is the work of EFCC.

The detained Binance officials were taken to high court today and the court extended the detaining to another two weeks. And names of these detainees are: Tigran Gambaryan from U.S and Nadeem Anjarwalla feom British. https://saharareporters.com/2024/03/21/detained-binance-executives-appear-nigerian-high-court-remain-detention-two-weeks

They should just let us know that the detention is indefinite and not two weeks extension.

[Obari]

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

If Binance bends to the government and submit a list of its users, it will further reduce the trust that other people in other countries who use their services have for the company. They will loose many customers.

This is one of the major attacks I’ve seen on an exchange so far and I don’t know if the major reason is solely because of naira to dollar price speculations but I do think, the actions are harsh and I also agree with you that, if binance dares to submit to the demands of the federal government, then it will a major setback for them, not just in Nigeria but around the world as trust will be lost and other users from other countries might think that, their safety isn’t guaranteed and it will cause many users from around the world to refrain from using their platform which you’ll agree that’s a major setback for the company.

I really don’t know why Nigeria government are already fighting wrong battles , I think they need to sit up and do what’s right and not going after the wrong things and I think the supposed online price is already stabilizing with cbn price and it’s still not getting any better .

[Coyster]

The detained Binance officials were taken to high court today and the court extended the detaining to another two weeks. And names of these detainees are: Tigran Gambaryan from U.S and Nadeem Anjarwalla feom British. https://saharareporters.com/2024/03/21/detained-binance-executives-appear-nigerian-high-court-remain-detention-two-weeks

You do well to post this link, i actually thought that the detained Binance officials have been released from detention, but i was wrong as they are still being detained in Nigeria. Having said that, e be like say i sabi wetin our government wan do, they are holding this officials in a bid to "force" Binance to send them the names of all Nigerians trading in their platform and i think they would continue extending this detention period until they get that information.

Yesterday Naija been publish names of companies and people suspected to be sponsoring terrorism in Nigeria: https://www.legit.ng/business-economy/money/1584458-full-list-bureau-de-change-operators-named-sponsoring-terrorism-nigeria/
If the government believe such people launder money and fund terrorism using Binance, then these evidences should be presented to the exchange platform, and if these people have accounts on Binance, then further investigation and information can be gotten from there, but what i disagree with is a request of ALL Nigerian traders on their platform.

[Samlucky O]

Court orders Binance to release data of Nigerian users to EFCC

A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform.

The court handed down the order in an ex-parte motion filed by the EFCC demanding information about Nigerians trading on Binance.

Copied from https://punchng.com/court-orders-binance-to-release-data-of-nigerian-users-to-efcc/

This one wey EFCC don enter the matter e mean say, Dem wan really arrest those users, e don dey really clear now say na their intentions be that. But my problem with this issue na besay, them don already succeed disable their fiat from binance so wattin Dem wan still use the name of those p2p traders do. Abi them dey plan to task them? Or place fine for their head? But one thing dey sure, as far as say them dey this desperate to collect those name e just mean say them wan either arrest them like the BDC and then, fine Dem.

You really Sure say them wan arest and fine them. I no understand where this matter dey go because this people no get better plan. Getting the comprehensive list fit no be only to find the people wey do the huge transfer but e fit be say them wan know the total people wey dey into cryptocurrency so that dem fit come dey monitor people. Anybody wey dey do any big transaction, na EFCC go find you come house, by then no privacy again. Any small mistake them fit block bank account of everybody wey dey into cryptocurrency. Because the P2P no allow them know how transaction dey go for Nigerian bank.

My advice for us be say make any money we get, make we dey use am buy BTC or USDT come keep am for DEX wallet till this hole matter don finish. Because Even the one wey dey bank fit no dey safe because if them force these binance officials so Tay them come release this list, our bank account no ft dey safe.

[Coyster]

My advice for us be say make any money we get, make we dey use am buy BTC or USDT come keep am for DEX wallet till this hole matter don finish. Because Even the one wey dey bank fit no dey safe because if them force these binance officials so Tay them come release this list, our bank account no ft dey safe.

Even if this matter no sup ehn, person no suppose dey keep their crypto for centralized exchanges na, dem suppose keep am for non-custodial wallet. You dey correct when you talk say we no know wetin be their plan oh, and if dem get their hands on that list, dem fit do anything, from freezing bank accounts to making arrest, so no be only those wey dey make big transactions suppose fear, but everybody wey dey use Binance oh. This matter na proof of wetin Bitcointalk users don dey talk for a very long time and that is that KYC dey very very dangerous, as all Nigerian Binance and centralized exchanges users dey find out now.

[Igebotz]

The detained Binance officials were taken to high court today and the court extended the detaining to another two weeks. And names of these detainees are: Tigran Gambaryan from U.S and Nadeem Anjarwalla feom British. https://saharareporters.com/2024/03/21/detained-binance-executives-appear-nigerian-high-court-remain-detention-two-weeks

You do well to post this link, i actually thought that the detained Binance officials have been released from detention, but i was wrong as they are still being detained in Nigeria. Having said that, e be like say i sabi wetin our government wan do, they are holding this officials in a bid to "force" Binance to send them the names of all Nigerians trading in their platform and i think they would continue extending this detention period until they get that information.

Yesterday Naija been publish names of companies and people suspected to be sponsoring terrorism in Nigeria: https://www.legit.ng/business-economy/money/1584458-full-list-bureau-de-change-operators-named-sponsoring-terrorism-nigeria/
If the government believe such people launder money and fund terrorism using Binance, then these evidences should be presented to the exchange platform, and if these people have accounts on Binance, then further investigation and information can be gotten from there, but what i disagree with is a request of ALL Nigerian traders on their platform.

Their primary targets are the top traders and volume traded. I'm concerned about how they're handling the situation because I believe they'll start going after innocent and honest traders and arresting them for Naira manipulation, which is what Binance is attempting to avoid, but the Nigerian government is holding them by their balls hostage and using the illegally detained Binance executive as bail to get what they want.

I've removed my banking details from Binance p2p and I will advise everyone to do the same thing.

[Ever-young]

There is very big argument on ground now that, federal government is asking Binance to give the top 100 Binance users and they the federal government will release the arrest Binance staff and right now Nigeria Government is not talking amount the #10 billion naira fine that they asked Binance before again and all their focus right now is the Nigerians that are using Binance. So if you are still using Binance, you better go and remove your account details from the exchange because the pressure Nigerian government is giving to Binance to give them users is very high. And that has been on the discussion for some days now. And that is the only condition for the release of the Binance staff.

And Binance told the government of America and UK that their citizens will go back to their country safety.

i think the federal government is taking this whole Binance saga too far and this i believe is going to be really too much for Binance to bear. first it was Binance and accused of money laundry, second, it was CZ stepping down as CEO and now it's the Nigerian Federal government putting such an unnecessary pressure on Binance to either release the list of Nigerian users on the exchange or they wouldn't release their staffs. this is just too much for Binance. what i don't really get is what the government really plans to do with the list, because it seems all we're hearing so far are just different people's thoughts and assumption.

[Amphenomenon]

The reason why I don’t see them releasing the names is because it will look like a breach go right to their customers and they might lose there customers to that, not only In Nigeria but around the world. Many of their customers might see them as push overs by the government and any country can use it against them and we all know even though people submitted KYC they will still want it not to get to their government

Exactly. But people should expect something like this if they go for KYC. KYC can be extremely dangerous.

yes but under legal tender may be they might be able to get this, since they did the same to sinbad

but one thing for sure no business bodies who may have issues with Nigeria government will ever send their executives to Nigeria, it will be rare and I don't think binance will do the same in most countries especially those being in the same category as Nigeria with little or no world power.

I guessed the government knows that in keeping those executives detained is the only way binance may listen to them after acting stupidly in detaining them at first because now once those executives are released Binance will officially cut ties with Nigeria because of the fg request of the list of customers.

The thing is binance wouldn’t comply but rather look for ways to reduce the damage that is by paying some fine that the government will ask of but definitely not the $10B. Other government like the US had in the past accused them of money laundering and CZ then took the hit of stepping down from his role and both him and the entity were fined and that’s it.

We do not know what will happen. As some people and organizations are seeking for United States intervention, it is possible that our government may still demand for lists of Nigeria Binance users. If the US government also agree to that, Binance will not have any other option if their officials are not released from detention.

I guessed the main issue why Binance is not releasing the list is because of the $10B scam which I think the Nigeria government is after base on this https://bitcointalk.org/index.php, I believe Binance has given them names of criminals before and so won't have see any issues doing the same under legal means except from the fine.

Also I think the US might not support Binance after their past record and even current court cases with them

[Coyster]

I've removed my banking details from Binance p2p and I will advise everyone to do the same thing.

It could make sense to do this, but i don't think deleting it means you have completely deleted it from Binance's database. They are a centralized exchange, so definitely have all data stored somewhere and if they ever have to give it to the government, they would do that, even if you have deleted yours from your own account.

[philipabaku]

All these demands na just to make EFCC get better evidence to extort from the youths and federal government wan cripple any source of income Nigerians get. But Nigerians will always improvise that's what I love about us.

[Charles-Tim]

I've removed my banking details from Binance p2p and I will advise everyone to do the same thing.

It could make sense to do this, but i don't think deleting it means you have completely deleted it from Binance's database. They are a centralized exchange, so definitely have all data stored somewhere and if they ever have to give it to the government, they would do that, even if you have deleted yours from your own account.

You are correct. We should not believe in centralized platform even if it says no data is collected. According to Binance, about people's data retention, I found this:

11. How Long Does Binance Keep My Personal Data?

We keep your personal data to enable your continued use of Binance Services, for as long as it is required in order to fulfil the relevant purposes described in this Privacy Notice, and as may be required by law such as for tax and accounting purposes, compliance with Anti-Money Laundering laws, or to resolve disputes and/or legal claims or as otherwise communicated to you.

While retention requirements vary by jurisdiction, information about our typical retention periods for different aspects of your personal data are described below.

Personal Identifiable Data collected to comply with our legal obligations under financial or anti-money laundering laws may be retained after account closure for as long as is required under such laws.

Contact Information such as your name, email address and telephone number for marketing purposes is retained on an ongoing basis and until you (a) unsubscribe, or we (b) delete your account. Thereafter we will add your details to an unsubscribed list to ensure we do not inadvertently market to you.

Content that you post on our website such as support desk comments, photographs, videos, blog posts, and other content may be kept after you close your account for audit and crime prevention purposes.

Recording of voice calls with you may be kept for a period of up to six years, for audit/ compliance purposes and to resolve disputes and/or legal claims.

Information collected via cookies, web page counters and other analytics tools is kept for a period of up to one year from the date of the collection of the cookie of the relevant cookie.

Even if anything is deleted, we should know that Binance still have the information.

[sokani]

There is very big argument on ground now that, federal government is asking Binance to give the top 100 Binance users and they the federal government will release the arrest Binance staff and right now Nigeria Government is not talking amount the #10 billion naira fine that they asked Binance before again and all their focus right now is the Nigerians that are using Binance. So if you are still using Binance, you better go and remove your account details from the exchange because the pressure Nigerian government is giving to Binance to give them users is very high. And that has been on the discussion for some days now. And that is the only condition for the release of the Binance staff.

And Binance told the government of America and UK that their citizens will go back to their country safety.

The whole world dey watch Binance, how dem want take handle this saga with the Nigerian government, weda dem go give in to their demands or not. IMO, I think Binance no go surrender the list because if dem do so, dem go lose trust not just from Nigerians but from their customers worldwide, also e go give room for oda countries to bully dem.

I no want believe say Binance no dey do anything about the situation, dem dey fight. Just as Binance is pushed into a corner, naso Nigerian government self dey go dey feel heat small small because all eyes dey watch dem. The arrest dey illegal, dis persons in detention no be criminals and dem be US and UK citizens. So how long dem fit keep dem? I believe their embassies also dey fight for their release.

[Mate2237]

There is very big argument on ground now that, federal government is asking Binance to give the top 100 Binance users and they the federal government will release the arrest Binance staff and right now Nigeria Government is not talking amount the #10 billion naira fine that they asked Binance before again and all their focus right now is the Nigerians that are using Binance. So if you are still using Binance, you better go and remove your account details from the exchange because the pressure Nigerian government is giving to Binance to give them users is very high. And that has been on the discussion for some days now. And that is the only condition for the release of the Binance staff.

And Binance told the government of America and UK that their citizens will go back to their country safety.

The whole world dey watch Binance, how dem want take handle this saga with the Nigerian government, weda dem go give in to their demands or not. IMO, I think Binance no go surrender the list because if dem do so, dem go lose trust not just from Nigerians but from their customers worldwide, also e go give room for oda countries to bully dem.

I no want believe say Binance no dey do anything about the situation, dem dey fight. Just as Binance is pushed into a corner, naso Nigerian government self dey go dey feel heat small small because all eyes dey watch dem. The arrest dey illegal, dis persons in detention no be criminals and dem be US and UK citizens. So how long dem fit keep dem? I believe their embassies also dey fight for their release.

Oboy the matter shock Binance. But na dem fuck up they been take di ignorance of Nigerians as their advantages but government catch them. Even me sef dey vex for Binance for manipulating di exchange rate in di country but Nigeria government for use wisdom handle di case. Di problem was not mainly from Binance but their the government financial agencies were not active enough to do their work because if dem been dey do am well Binance for never and ever manipulate di exchange rate. Because it is the duty of the agencies to implement and monitor any suspicious movement in the exchange platforms but they were relaxing so Binance used di opportunity well.

If Nigeria government used wisdom Binance for generates plenty money for them through collection of tax from di exchange. Because people were using the exchange to do transaction.

[Benedictare]

    I hope say a lot of Naija wey dey d form dey always read dis topic everyday ,so that dem go no wetin dem go do next b4 kasala burst, we fit think sey this list no go come out or na for the big men dem , what if the other way round ,so make we dey at alart in case and make we tell our people to remove their bank details as oga Charles-Tim don talk am.
 
   But i wan ask oh,if you remove your details,e no go still dey for their system hardware? As we know say oyibo people sabi all these kind computer data storage pass us, because Court no gree  release dem oo,say dem must provide the list to EFCC na him make dem still dey detention for more 2 weeks.

[Charles-Tim]

JUST IN: NSA confirms Binance executive’s escape from custody

The Office of the National Security Adviser has confirmed that the detained Binance executive, Nadeem Anjarwalla, escaped from custody. It was reported that he escaped on Friday. It was said that preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport. ”

They are looking for a way to arrest him back. I guess federal government can not win this and likely he will make it to United States. Let us see how it goes.

You can read more about it here:
https://punchng.com/detained-binance-executive-escapes-from-custody/
https://punchng.com/nsa-confirms-binance-executives-escape-from-custody/

Or United States will arrest him so that he can be sent back to Nigeria? 

[Mate2237]

JUST IN: NSA confirms Binance executive’s escape from custody

The Office of the National Security Adviser has confirmed that the detained Binance executive, Nadeem Anjarwalla, escaped from custody. It was reported that he escaped on Friday.

You can read more about it here:
https://punchng.com/detained-binance-executive-escapes-from-custody/
https://punchng.com/nsa-confirms-binance-executives-escape-from-custody/

How na? Nawao Nigeria na really a crush scene oh. Na dat dis guy e don escape weti go happen to Di second guy? Di way I dey see this escape na plan work. Well we ni go fit confirm or tok anything about Di escape foe now but let's us be waiting to see weti go happen next. Dis I e now dem fit shutdown the whole exchange in Di country. I also saw Di news on my google chrome newsline and I was about to read it when I got your notification and I left there to come here.  Nigeria Government would have settled dis case with Binance amicably but they prefer dragging it without solution.

Now that one don escape, the second one sef go escape under the SEC watch. Pump and plain SEC don collect something na make dem get Di ododo to escape.

[Charles-Tim]

How na? Nawao Nigeria na really a crush scene oh. Na dat dis guy e don escape weti go happen to Di second guy? Di way I dey see this escape na plan work. Well we ni go fit confirm or tok anything about Di escape foe now but let's us be waiting to see weti go happen next. Dis I e now dem fit shutdown the whole exchange in Di country. I also saw Di news on my google chrome newsline and I was about to read it when I got your notification and I left there to come here.  Nigeria Government would have settled dis case with Binance amicably but they prefer dragging it without solution.

Now that one don escape, the second one sef go escape under the SEC watch. Pump and plain SEC don collect something na make dem get Di ododo to escape.

This has nothing to do with the SEC, but you are not wrong that there is insider work. Not only one person but some people among the them made the escape possible.

The second executive will be monitored more than before. I can not say if he can escape or not but it will be more difficult than the first. But I believe there is some plans that we do not know now. Let us see what will happen.