The two Binance officials' custody has been extended by request of the Federal Government of Nigeria, which is led by President Tinubu. A fresh order to prolong the arrest of US citizen Tigran Gambaryan and British Kenyan Nadeem Anjarwalla was requested by the Economic and Financial Crimes Commission (EFCC) before the Abuja magistrate's court. One of the latest developments in Nigeria's extensive campaign of deregulation of cryptocurrency platforms is this.

They have been detained for the past two weeks, Gambaryan and Anjarwalla. For the duration of the investigations, the EFCC requests that the suspects be placed under further remand. Tuesday marked the end of the first court order allowing their detention. EFCC spokesperson Dele Oyewale declined to comment when questioned about the matter.

Targeting cryptocurrency for economic disruption, the central bank

In an attempt to regulate the cryptocurrency sector, the Nigerian government has also increased its efforts. The claim is that websites like Binance facilitate speculation in currencies. Thus, the country's economy is negatively impacted. One of these regulatory steps is preventing Nigerian users from accessing Binance's website.

Over 26 billion dollars moved through Binance last year, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria. Rate manipulation and economic sabotage are the claims made by media assistant Bayo Onanuga about cryptocurrency platforms. Binance said it is ending naira transactions following the government's crackdown and the arrest of its personnel. The market in Nigeria was likewise abandoned.

Binance Joins Forces to Release Nigerian Executives

The extended confinement of Gambaryan and Anjarwalla has resulted in significant distress for their kin. The difficulties this causes for the family especially the kids, who practically ask every day when their father will be home have been brought up by Gambaryan's wife. Binance, a cryptocurrency platform, has stated that it is working with Nigerian authorities to liberate the officials who were arrested. However, it has refrained from providing any information regarding the case itself.

The Securities and Exchange Commission (SEC) of Nigeria has also recommended a significant increase in the minimum paid-up capital required for crypto exchange registration. The ₦1 billion ($628,000) requirement will rise from the present ₦500 million ($314,000) level. The goal of this proposal is to improve oversight and lower risks in the bitcoin space. Within the changing realm of digital currencies, the SEC's action is a part of a broader push to enhance the requirements of the regulated crypto exchange.