9.8 C
London
Monday, April 15, 2024

Nigeria’s Department of State Security detained two Binance staff members in Abuja on Monday night.

Nigeria’s Department of State Security detained two Binance staff members in Abuja on Monday night, as part of an inquiry into the cryptocurrency exchange’s activities in the country, an official involved in the investigation disclosed.

Passports belonging to the detained individuals, an American and a British citizen, have reportedly been seized.

The reasons for their detention have not been disclosed by authorities, leaving uncertainty about potential charges under Nigerian law

The incident unfolded following the Nigerian Communications Commission’s directive for internet service providers to restrict access to crypto exchange platforms such as Binance, Kraken, and Coinbase.

This move was prompted by allegations of these exchanges facilitating currency speculation and manipulating the forex market, as asserted by various segments of the Nigerian government.

Nigeria’s central bank governor, Olayemi Cardoso, disclosed on Tuesday that there were indications of illicit fund flows through platforms like Binance.

Cardoso revealed during a press conference that in the past year alone, ‘Binance Nigeria’ had processed $26 billion, originating from sources and users that couldn’t be adequately identified.

Latest news

Related news