Economy
Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth
For Binance, complying with the applicable laws and regulations in the countries where we operate is a top priority. We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen.
In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously.
Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential and we hope to continue to invest there.
In recent years, Africa’s most populous country and largest economy, has seen tremendous growth in crypto adoption and usage, as digital assets deliver value and improve the lives of many Nigerians.
In Chainalysis’ 2023 ranking of global grassroots crypto adoption, Nigeria ranked second in the world, while several studies have estimated that more than one-third of the population uses digital assets.
We are proud that Binance has become one of the most trusted platforms among crypto users in the country and we believe we are rewarded with that trust because of our efforts to give them the best trading experience while keeping their funds safe.
And, while we celebrate and welcome the growth we’ve seen, we also recognize the need to ensure that this growth is responsible and safe.
Information Requests and Training Sessions
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.
Between June 2020 and February 2024, Binance’s financial crime compliance (FCC) teams responded to 626 information requests coming from Nigerian law enforcement agencies or related to investigations pertinent to Nigeria, with an average of 37.4 hours between submission and resolution.
The information we provided helped a vast range of agencies, such as the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and INTERPOL Nigeria to tackle crimes ranging from scams and fraud to money laundering, blackmail, kidnapping, and extortion.
In one high-profile action that took place in January 2022, we restricted 281 accounts belonging to Nigerian residents due to money laundering concerns and extensively collaborated with the authorities to protect users from illicit activity.
In recent months, Binance’s team has visited Nigeria twice – in November and December 2023. Our Law Enforcement Training team delivered two full-day sessions to EFCC officials in Abuja and Lagos, with more than 30 investigators attending each of them.
The training focused on practical aspects of cryptocurrency investigations: following the money on the blockchain using both public and commercial tracing tools. We provided training for Nigerian crime fighters on the role of exchanges in the digital-asset ecosystem and gave a comprehensive overview of Binance’s operations.
We also introduced several case studies, including those featuring Nigerian suspects. Both sessions received overwhelmingly positive feedback from Nigerian investigators, who expressed strong interest in continuing this format of cooperation.
In August 2023, we also delivered a three-hour online workshop for 70 EFCC officials, focusing on the interpretation of Binance’s operational responses and the most effective ways of leveraging the assistance we can provide.
Furthermore, we have been cooperating with the Nigerian Financial Intelligence Unit, holding two meetings and discussing a memorandum of understanding focused on continuous training initiatives and operational cooperation, and held talks with the Nigeria Police Force about organizing a similar training session.
These trainings and sessions are unprecedented within the cryptocurrency industry. There is no other exchange that has committed to such close proactive cooperation with law enforcement and delivering relevant, practical education to their employees.
Promoting Inclusion and Prosperity
At Binance, increasing financial inclusion is an important goal for us. The lack of access to traditional financial services and features can often leave behind underserved communities. This is where blockchain technology and digital assets can play a key role. Our hope is that we can support the continued growth of crypto so that it can support people, while we work collaboratively with law enforcement around the world to ensure the financial system is safe.
Nigeria’s fintech ecosystem is booming, having secured nearly half of all fintech investment across Africa between 2019 and 2023. It is important for the harmonious growth of this ecosystem that dynamic local startups operate alongside established global players like Binance.
As the adoption of financial technology in the country accelerates, law enforcement and regulators should be able to rely on industry-leading partners with a proven track record of constructive collaboration with the authorities in Nigeria and all around the world.
We look forward to continuing these kinds of constructive engagements in the future as we work together jointly to ensure that all Nigerians prosper.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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