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The federal government of Nigeria has reportedly detained two top executives of Binance, a prominent cryptocurrency trading platform.
According to the Financial Times, the executives had their passports seized upon arriving in Nigeria, in response to the country’s recent crackdown on various cryptocurrency trading platforms. The reasons behind their detention remain unknown, but it comes amidst allegations of manipulation in foreign exchange trading within Nigeria.
Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, had previously called for a ban on Binance and other cryptocurrency platforms operating in the country.
He accused Binance of “blatantly setting exchange rates for Nigeria” and undermining the role of the Central Bank of Nigeria (CBN). Onanuga urged the Economic and Financial Crimes Commission (EFCC) and the CBN to take action against these platforms, claiming that they were attempting to “manipulate our national currency to ground zero.”
Governor Olayemi Cardoso of the CBN revealed that $26 billion had passed through Binance Nigeria from unidentified sources in just one year. Cardoso emphasized the collaboration between the CBN, the Securities and Exchange Commission (SEC), the EFCC, the police, and the Office of the National Security Adviser to prevent any manipulation in the foreign exchange market.
Despite the government’s efforts to clamp down on cryptocurrency trading, Binance continues to operate in Nigeria. However, the platform has discontinued the trading of the naira against bitcoin and tether cryptocurrencies on its exchange.
