Nigeria Detains Two Binance Execs Amid Exchange Probe
Authorities in Nigeria have detained two senior Binance executives and confiscated their passports as the country cracks down on crypto exchanges.
The Financial Times reported Wednesday that the two executives traveled to Nigeria after the country decided to prohibit multiple crypto websites. However, upon their arrival, the office of Nigeria’s national security adviser reportedly apprehended them. It is currently unclear who the executives are.
Last week, Nigeria’s telecommunications regulator instructed telecom firms to block access to websites like Binance, Coinbase, and OctaFX. This measure was intended to curb crypto speculation activities within the country, local media reported.
It appears the crackdown is aimed at preventing cryptocurrencies from exacerbating currency instability. The efforts come particularly as the Nigerian naira experiences frequent declines against the US dollar.
Bayo Onanuga, a special adviser to President Bola Tinubu, recently said: “We were told that, if we don’t clamp down on Binance, it will destroy the economy of this country.”
Binance didn’t return Cryptonews’ request for comment by press time.
After their detention, Binance reportedly suspended trading of the naira against bitcoin and tether digital coins on its platform.
Separately, during a press conference on Tuesday, Nigeria’s central bank governor, Olayemi Cardoso, singled out Binance as he addressed funds moving through crypto exchanges. He expressed the bank’s concern about “suspicious” flows passing through various crypto platforms.
“In the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters.
Various authorities are reportedly collaborating on an
