Nigerian Authorities Detain Binance Executives Amid Cryptocurrency Crackdown
Passports of Binance Executives Seized
Reports emerge of Nigerian authorities detaining two senior executives from the cryptocurrency exchange, Binance, upon their recent arrival in the country. The Financial Times indicates that the national security adviser’s office took action, seizing the passports of the detained executives, whose identities remain undisclosed.
Central Bank Takes On Binance
Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) voiced concerns on February 27 regarding the alleged illicit flows facilitated by cryptocurrency exchanges like Binance. Cardoso highlighted that $26 billion had flowed through Binance Nigeria in 2023 alone from sources and users not adequately identified. He revealed ongoing investigations by the country’s anti-corruption agency, police, and national security advisor’s office into these exchanges.
Authorities are reportedly seeking a list of Binance users in Nigeria dating back to the inception of its operations. This move comes amidst accusations of contributing to the depreciation of the naira. Though Binance has affirmed its cooperation with local regulators, concerns persist regarding its operations.
Rumors are circulating that Binance may have dropped the USDT/naira trading pair, although this remains unconfirmed at present.
