Nigerian Authorities have ordered cryptocurrency exchange Binance to provide the transaction history of the top 100 Nigerian users for the last six months, alongside pressing the exchange to settle outstanding tax liabilities, according to a local news report. 

This development comes amidst a backdrop of heightened tensions between Binance and Nigerian authorities, following the detention of two senior executives for three weeks.

The Nigerian government's actions highlight its efforts to stabilize the naira, Nigeria's currency, following recent devaluations. 

President Bola Tinubu's administration views cryptocurrency platforms like Binance as a challenge, citing alternative exchange rates for the naira and fueling speculation. Central bank governor Olayemi Cardoso previously highlighted that $26 billion had passed through Binance within the past year, raising concerns over unidentifiable sources and potential illicit flows.

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Binance Faces Allegations and Penalties

Amidst mounting allegations, Nigerian authorities demanded Binance pay a penalty of $10 billion for purportedly profiting from "illegal transactions" at the country’s expense. Moreover, allegations suggest Binance's contribution to the devaluation of the national currency, the naira. Following this, Binance decided earlier this month to delist all trading pairs involving the Nigerian naira on its platform due to regulatory pressure and the evolving regulatory landscape.

However, it has been over two weeks since Nadeem Anjarwalla, a UK citizen serving as Binance's regional manager for Africa, and Tigran Gambaryan, a former US Internal Revenue Service agent in charge of Binance's financial crime compliance, were detained in a guest house near the national security adviser's office in Abuja. Following the detention, their passports and phones were seized, and Binance wasn't able to contact them for a week.

Some consider their detention a tactic to pressure Binance into compliance, escalating diplomatic tension with the United Kingdom and the United States.