Two Binance executives have been arrested by security operatives in Nigeria.
They had arrived in Nigeria following the government’s ban on several cryptocurrency trading platforms.
The duo were immediately taken into custody according to Financial Times, by the office of the national security adviser, with their passports seized. Read More…
Their detention highlight the escalating tensions between Nigerian government and the crypto market, which has become rendezvous for speculative trading on the naira.
The Central Bank of Nigeria governor, Olayemi Cardoso, cited Binance in a recent press conference. He expressed concerns over the illicit and suspicious financial flows through crypto platforms.
According to Cardoso, an alarming $26 billion has been transacted through Binance Nigeria in the past year. This has raised eyebrows over the sources and users involved in these transactions.
Meanwhile, officials have not provided information on why the Binance employees are being detained, and it is unknown whether they have been charged with any infractions of Nigerian law. Continue Reading…
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