Crypto exchange giant, Binance, disclosed on Wednesday that the platform has elaborately cooperated with Nigerian law enforcement agencies. 

In a statement released on its blog, the company revealed that it has received and responded to no less than 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,” the company said in its blog statement. 

The statement comes as National Security Adviser Nuhu Ribadu continues to hold on to two executives of the company: Tigran Gambaryan, a U.S. citizen and British-Kenyan Nadeem Anjarwalla, two weeks after they were arrested in a desperate bid to address the country’s financial crisis. 

The detention continues to receive wide criticisms with some commentators likening it to a hostage situation.  

Binance said it revealed the information to “demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously.”

The platform said it restricted 281 accounts in January 2022 as part of collaboration with law enforcement to address money laundering and protect users from illicit transactions. 

“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 statement read. 

It also disclosed that the platform has cooperated with the Nigerian Financial Intelligence Unit and the Nigeria Police Force, discussing memorandum of understanding for training initiatives and operational cooperation.

Binance said its efforts align with its goal of increasing financial inclusion, particularly in underserved communities where blockchain technology and digital assets can make a significant impact. 

It further pledged continued support and collaboration for law enforcement. 

“We look forward to continuing these kinds of constructive engagements in the future as we work together jointly to ensure that all Nigerians prosper,” the platform said. 

“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,” it added.