Inside Details Of How Nigerian Govt Detained Binance Executives

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The Nigerian government has detained two executives of the Binance crypto exchange platform as part of efforts to stabilize the nation’s foreign exchange market and protect the value of the local currency.

According to sources familiar with the matter, the executives were detained in Abuja, Nigeria’s capital, shortly after their arrival in the country to negotiate with Nigerian authorities amid a crackdown on the crypto platform.

Last week, the Nigerian government blocked the online platforms of Binance and other crypto firms, citing concerns over the manipulation of the forex market and illicit fund movements. Sources from major telecommunication companies confirmed that the Nigerian Communications Commission (NCC) directed telcos to block access to these platforms following government advisories.

Apart from Binance, other platforms like Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken were also blocked. Government sources stated that the crackdown was prompted by reports linking them to currency speculation and money laundering, activities believed to be undermining the naira’s value.

Source: Parrot Nigeria

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