In a significant development this week, the Financial Times confirmed the arrest of two Binance executives in Nigeria. The executives traveled to Nigeria after their website faced a ban and were detained by the National Security Adviser’s office.
Amid a turbulent period for Nigeria’s crypto industry, regulators implemented major changes, including blocking access to several exchange websites and controlling USDT/NGN exchange rates. Additionally, some crypto exchanges restricted users from purchasing USDT and USDC stablecoins.
While Nigerian authorities have remained silent on the arrests, a spokesperson for the NSA claimed ignorance and suggested that other security agencies might have taken action.
Olayemi Cardoso, the central bank governor, hinted at forthcoming stricter regulations during a recent monetary policy meeting, cautioning speculators about potential consequences.
The crackdown on crypto companies in Nigeria follows the reversal of a long-standing ban that previously excluded them from banking services. Furthermore, a Binance employee revealed that their office cautioned against displaying company identifiers.
In a separate development, Nigerian authorities have imposed a hefty $10 billion fine on Binance, accusing the global crypto exchange of benefiting from illegal transactions.
This fine follows the detention of two Binance executives and allegations of significant financial flows through Binance Nigeria, with the central bank governor claiming $26 billion had passed through the platform from unidentifiable sources and users.
The government reportedly requested user data and details from Binance, although it remains uncertain whether the company has complied with these requests.
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