An ONSA senior official stated that the security adviser's office is leading an interagency probe into Binance's operations, marking the first formal acknowledgment of the crackdown on the company's operations and those of other cryptocurrency platforms. After receiving numerous requests for comment on Thursday, Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser, said, "I am confirming that the office of the National Security Adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance."

On Wednesday, rumors were circulating that, in an attempt to calm the country's foreign exchange market, the authorities had arrested two executives of the cryptocurrency exchange platform. As part of efforts to engage with the Nigerian authorities amid a crackdown on the cryptocurrency platform, the two executives were reportedly held in Abuja, the federal capital territory, days after they took off.

However, Binance does not operate or have a presence in Nigeria. According to him, users of the site were fixing dollar-naira exchange rates arbitrarily, which had a detrimental effect on the value of the local currency. Additionally, he clarified that the Binance team had already stopped naira-related transactions on the platform and was working with the Nigerian authorities by giving helpful information.