Recent revelations from internal analyses conducted by TechCabal have confirmed the Central Bank of Nigeria’s suspicions of market manipulation of forex prices on the popular cryptocurrency exchange, Binance.
TechCabal Analysis Highlights Disturbing Trends
An analysis of trading activities between February 19 and February 21 revealed a pattern of suspicious behavior among Nigerian retail traders on Binance.
The data suggested that these traders were initiating large buy orders for USDT without completing the purchases, allegedly to manipulate prices and capitalize on resulting arbitrage opportunities.
Ongoing Investigations and Legal Proceedings
Research teams continue to delve into the findings, with ongoing analyses shedding light on the extent of the alleged market manipulation.
Meanwhile, operatives from the Economic and Financial Crimes Commission (EFCC) have been surveilling the Binance platform, uncovering evidence of price discovery, confirmation, and market manipulation.
Court Orders Data Handover Amid Regulatory Pressure
In response to mounting concerns, Nigerian authorities have taken legal action, compelling Binance to provide information on its top users and transaction history.
A recent court ruling mandated the exchange to surrender data, potentially aiding in the identification of traders implicated in the alleged market distortions.
Binance’s Response and Regulatory Impact
While Binance has signaled cooperation with the government, citing past assistance in financial crime investigations, the exchange faces mounting regulatory pressure.
Recent developments have led to the suspension of Binance’s services in Nigeria, including the delisting of its NGN/USDT trade option.
Executives Detained as Investigation Unfolds
Two senior executives of Binance, Nadeem Anjarwalla and Tigran Gambaryan, remain in custody as authorities continue their probe.
Despite the expiration of a court order permitting their detainment, the executives have yet to be released, signaling the gravity of the situation as the investigation unfolds.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Binance P2P App Blocked in Nigeria – President Tinubu Takes Action Against Dollar Manipulation: Recent reports indicate that the Binance P2P app is currently inaccessible in Nigeria, raising concerns about potential blockage or restrictions imposed by President Bola Tinubu....
Cabinet supports Competition Commission’s rand manipulation probe: South Africa – Cabinet on Thursday said it will back the Competition Commission’s rand manipulation investigation . This comes after the competition authorities announced...
Corruption Probe Unveils NYC Mayor’s Office Impropriety: Rana Abbasova Under Scrutiny: Identifying the Staffer: Rana Abbasova In the midst of the FBI’s corruption probe into Eric Adams’ campaign, a junior staffer within NYC’s Mayor Office, identified...
Allegations of Election Manipulation: Labour Party Calls for Dismissal of INEC Leadership: …By Jack Sylva for TDPel Media. The Labour Party (LP) has demanded the immediate sack of Professor Mahmood Yakubu as the chairman of the Independent...
Total Cancellation Advocated by Dino Melaye Amid Allegations of Electoral Manipulation: Dino Melaye Calls for Total Cancellation Amid Result Controversy Dino Melaye, the Peoples Democratic Party (PDP) candidate in the 2023 Kogi State governorship election, has...
Nigerian High Court Orders Binance to Disclose Nigerian Users’ Data Amidst Money Laundering Concerns: In a significant legal development, the High Court in Abuja, Nigeria, has mandated the popular cryptocurrency trading platform Binance to furnish comprehensive information regarding its...
Nigerians Alerted to Impending Petrol Price Hike Amid Forex Crisis: Nigerians are being informed to prepare themselves for a forthcoming adjustment in the pricing of Premium Motor Spirit, commonly known as petrol. Advertisement The rationale...
Millennials And Gen Zs Are Driving The Forex Market: People of all generations, but particularly those born after the onset of the current coronavirus epidemic, have taken an interest in trade. More than half...
Labour Leadership Under Scrutiny: Allegations of Personal and Political Exploitation: Ajaero’s Alleged Abuse of Labour Platform: Onanuga’s Accusations Presidential aide, Bayo Onanuga, has leveled serious allegations against the President of the Nigeria Labour Congress (NLC),...
Governor Uzodimma Exposes Cabals and Deities Behind Fuel Subsidy and Forex Disparities Under Buhari’s Administration: Hope Uzodimma Exposes Fuel Subsidy Beneficiaries and Forex Discrepancies Governor Hope Uzodimma of Imo State has brought to light the beneficiaries of fuel subsidy and...
