Nigeria ‘detains UK and US Binance executives’ in cryptocurrency clampdown

The Department of State Security in Nigeria detained two Binance employees, one American and one British citizen, in Abuja on Monday night as part of an investigation into the operations of the crypto exchange in the country. It is reported that the executives had flown to Nigeria after the ban on several cryptocurrency trading websites, but were detained and had their passports seized upon arrival.

The reason for the detainment of the Binance employees has not been disclosed, and it is unclear whether they have been charged with any violations of Nigerian law. The Nigerian Communications Commission has also ordered internet service providers to block access to Binance, Kraken, Coinbase, and other crypto exchange websites, citing allegations of aiding currency speculation and market manipulation.

Nigeria’s central bank governor, Olayemi Cardoso, expressed concerns about illicit funds flowing through platforms like Binance, stating that $26 billion had passed through ‘Binance Nigeria’ in the last year from unidentified sources and users. This move by Nigerian authorities has sparked criticism on social media, with many Nigerians expressing fears that it could scare away potential investors.

Overall, this crackdown on cryptocurrency exchanges in Nigeria has raised questions about the future of digital currency trading in the country and its impact on the global cryptocurrency market.

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