Arrest of Binance Executives Good for Probe Into Forex Manipulations

Arrest Of Binance Executives Good For Probe Into Forex Manipulations

1 month ago
1 min read

Coming from yesterday especially regarding my call on President Bola Ahmed Tinubu to institute a forensic investigation into foreign exchange rates manipulations associated to cryptocurrency trading platforms like Binance, the latest news is that two executives of the company have been arrested and detained by authorities in Nigeria.

This is a good development, normally, trading platforms like Binance don’t have representative offices in most of the jurisdictions they operate from since they operate as non residents businesses that are limited to the digital space. Thus, they operate as faceless entities which makes it difficult to engage them in matters of legalities or sovereign subversion as the case is at this moment.

According to Financial Times (FT), a UK-based business news outlet, the passports of the unnamed Binance executives were seized. The executives reportedly flew into Nigeria following the country’s decision to ban several cryptocurrency trading websites last week.

READ ALSO: Binance Adopts Price Caps As Presidential Aide Advocate Ban On Forex

This arrest avails opportunity to interrogate direct parties to the transactions on the Binance platform. My plea is for President Bola Ahmed Tinubu to personally oversight this process because the outcomes will have variegated implications for unveiling economic saboteurs either as individuals or corporations.

Among these are bankers that have continued to compromise the integrity of banking processes as they desperately squeeze the economic space for enhanced profits.

Mr President, this is the time to correct the anomalies that continue to distort our economic landscape, we have to give it the required will and energy.

 

Nze Chidi Duru, OON, is a serial entrepreneur.

 

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