FRESH: 2 Binance Senior Executives Detain In Nigeria Over Cracking Down On Cryptocurrency

Date: 28-02-2024 8:44 pm (1 month ago) | Author: onuigbo felicia
- at 28-02-2024 08:44 PM (1 month ago)
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Two senior executives at Binance have been detained in Nigeria as Africa’s most populous country tries to rein in speculation on the naira by cracking down on cryptocurrency exchanges.

The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the office of the country’s national security adviser and their passports seized, according to people familiar with the matter. An adviser to the office did not immediately respond to a request for comment. Binance declined to comment.

Nigerian authorities have turned their focus to cryptocurrency websites after a rapid devaluation of the naira that helped drive inflation to an almost three-decade high of 29.9 per cent. The sites have emerged as an alternative for trading and establishing an unofficial price for the Nigerian currency. Following the detention of the executives, Binance halted trading of the naira against bitcoin and tether digital coins on its exchange.

On Tuesday Olayemi Cardoso, Nigeria’s central bank governor, named Binance at a press conference while discussing the funds flowing through crypto exchanges.

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities [crypto platforms] and suspicious flows at best,” Cardoso told reporters. “In the case of Binance, in the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he added.

According to Cardoso, Nigeria’s anti-corruption agency, police and national security adviser were co-ordinating an investigation into cryptocurrency exchanges. The authorities were demanding to see a list of Binance’s Nigerian users since its inception, a person familiar with the matter said.

Last week the telecoms regulator ordered telecoms companies to block access to some of the world’s largest cryptocurrency exchanges such as Binance, Coinbase and Kraken.

Posted: at 28-02-2024 08:44 PM (1 month ago) | Addicted Hero
- gogoman at 28-02-2024 09:09 PM (1 month ago)
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 Roll Eyes Roll Eyes Roll Eyes
Posted: at 28-02-2024 09:09 PM (1 month ago) | Grande Master
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- kp45 at 29-02-2024 08:48 AM (1 month ago)
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Ok
Posted: at 29-02-2024 08:48 AM (1 month ago) | Addicted Hero
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- fineboy77 at 29-02-2024 09:25 AM (1 month ago)
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ok

Posted: at 29-02-2024 09:25 AM (1 month ago) | Addicted Hero
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- Northrop at 29-02-2024 12:02 PM (1 month ago)
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Detain SWISS bankers too when they come to do their mopping job!
Posted: at 29-02-2024 12:02 PM (1 month ago) | Upcoming
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