EddieJayonCrypto
29 Feb 24
The Nigerian Department of State Security arrested two Binance executives on Monday in Abuja as part of ongoing investigations into crypto exchanges, including Binance and Kraken. The CBN Governor Olayemi Cardoso stated that Binance Nigeria has been involved in $26 billion in illicit flows. Despite ...
In the latest turn of events amid the increasing regulatory crypto scrutiny in Nigeria, two Binance executives have been arrested in the West African nation. Despite their attempt to flee when the country decided to ban certain crypto trading websites, they were arrested, and their passports were seized. This comes as Nigeria is facing a foreign exchange crisis, with its local currency naira, hitting record lows on Wednesday.
Over the last few days, Binance has been facing increased scrutiny from the country’s Securities and Exchange Commission (SEC) and other government agencies. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), stated that the regulators oversee crypto exchanges, especially Binance, concerning suspicions of illicit flows. The CBN and other government agencies are determined to restrict anyone from manipulating the Nigerian market, and the arrested Binance executives were American and British citizens.
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