According to a report by the Financial Times, Nigeria is actively pursuing information from Binance concerning its top 100 users in the country and their transaction histories over the past six months.

This development coincides with the disclosure of the identities of two executives from the cryptocurrency exchange who were detained two weeks ago: Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, the platform’s regional manager for Africa, as reported by Wired on Tuesday.

Gambaryan, a former crypto-focused U.S. federal agent, and Anjarwalla, a dual citizen of the U.K. and Kenya, had their passports confiscated last month and have since been held in confinement at a government facility in Abuja, Nigeria’s capital. Their detainment forms part of Nigeria’s broader crackdown on cryptocurrency exchanges, coinciding with government efforts to stabilize the national currency, the naira.

Tigran Gambaryan

Before their detention, Gambaryan and Anjarwalla, responded to an invitation from the Nigerian government to discuss Binance operations and regulatory concerns.

Nadeem Anjarwalla

Nigeria’s central bank has raised issues regarding tax revenue loss from unregistered crypto exchanges and has accused Binance of illegal operations, alleging it facilitated “illicit flows from sources and users who we cannot adequately identify,” amounting to $26 billion. The detained executives may face charges related to currency manipulation, tax evasion, and illegal operations, according to a Bloomberg report.

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As of Tuesday, however, none of the executives have been formally charged with criminal offences. The Financial Times reports that Nigeria’s anti-corruption agency was granted permission to detain them for 14 days, which concluded on Tuesday, with a proposed hearing to extend the court order scheduled for Wednesday.

In response to increased regulatory scrutiny and negotiation tensions in Nigeria, Binance discontinued its naira (NGN) services last week.

Nigeria’s request for information on Binance’s top users marks a new phase in negotiations between the cryptocurrency platform and Africa’s leading crypto market. Reports emerged last week that Nigeria’s parliament threatened to issue a warrant for the arrest of company executives and summoned Binance CEO Richard Teng to explain investigations into alleged money laundering and terror financing.

Documents reviewed by the Financial Times indicate that Nigeria, through its national security adviser, has requested Binance to address any outstanding tax liabilities.