Nigeria detains UK and US Binance executives in cryptocurrency clampdown
Nigeria’s Department of State Security detained two Binance employees on Monday night, February 26th, in Abuja, as part of investigations into the crypto exchange’s operations within the country.
Passports belonging to two Binance executives, one American and one British citizen, were confiscated by authorities.
Reportedly, the executives had traveled to Nigeria subsequent to the country’s recent ban on several cryptocurrency trading platforms. However, upon arrival, they were detained, and their passports were seized.
Details regarding the reasons for the detention of the Binance employees have not been disclosed by officials, and it remains uncertain whether they have been charged with any violations of Nigerian law.
This incident coincides with the Nigerian Communications Commission's directive for internet service providers to block access to Binance, Kraken, Coinbase, and other crypto exchange platforms. The directive was issued following allegations from various segments of Nigeria’s government, accusing these exchanges of facilitating currency speculation and manipulation in the forex market.
Nigeria’s central bank governor, Olayemi Cardoso, expressed concerns about illicit fund flows through platforms like Binance. He stated that, over the past year, "Binance Nigeria" had processed $26 billion from sources and users that couldn't be adequately identified.
The actions taken by Nigerian authorities have sparked criticism on social media platforms like X, with many Nigerians expressing fears that such measures could drive away potential investors.
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