Two Binance executives were reportedly arrested in Nigeria. The news and development of the arrest of two Binance executives in Nigeria is coming at a time when the crypto regulators in the country are tightening the belt on all forex transactions and businesses.
The reason for their arrest as of this time is still very much unknown. That said, continue reading to find out more.
Two Binance Executives Arrested In Nigeria
The latest update from The Financial Times confirms the arrest of two Binance executives in Nigeria, marking a significant development in the ongoing saga surrounding the country’s cryptocurrency landscape.
This development follows closely on the heels of Binance’s decision to halt naira to USDT/USDC transactions on its platform. Similarly, the Nigerian crypto platform Onboard also ceased naira to USDT/USDC settlement after issuing multiple notifications to its customers.
Nigeria’s Currency Instability
The instability in Nigeria’s currency has been exacerbated by recent policy changes enacted by the central bank, leading to heightened volatility in the financial markets. In a statement on Tuesday, February 27, Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that ” $26 billion has passed through Binance Nigeria from sources and users we cannot identify.”
The Reason Behind the Arrests
Despite these developments, both Binance and Nigerian authorities have remained tight-lipped, offering no official statements regarding the reported arrests.
This news comes in the wake of previous reports indicating the Central Bank of Nigeria’s alleged plans to shutter all cryptocurrency platforms operating within the country, underscoring the growing tension between regulatory bodies and the burgeoning crypto industry in Nigeria.
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