Nigeria Arrests Two Binance Executives After Website Ban


After several unverified reports, the Financial Times has officially confirmed the arrest of two Binance executives in Nigeria this week.

Last week, both executives traveled to Nigeria in response to a ban on their website, only to be apprehended by the office of the National Security Adviser (NSA), as per the same report.

During a tumultuous week for Nigeria’s crypto sector, regulatory authorities implemented substantial measures, such as restricting access to multiple exchange platforms and establishing fixed USDT/NGN exchange rates.

On Wednesday, TechCabal reported that several crypto exchanges restricted users from purchasing the USDT and USDC stablecoins.

The Nigerian authorities have maintained silence regarding the arrest. A spokesperson from the NSA informed TechCabal that he was unaware of the arrest and suggested that it may have been carried out by other security agencies.

During the monetary policy meeting on Tuesday, Central Bank Governor Olayemi Cardoso hinted at forthcoming actions by security agencies, which he mentioned would be disclosed to the public in the near future.

He emphasized that the regulatory landscape is poised to become more stringent, cautioning speculators about potential repercussions.

Nigeria’s recent crackdown on crypto companies follows the reversal of a longstanding ban that excluded them from banking services.

A Binance employee mentioned that their office advised against displaying any Binance branding or revealing their employer’s identity.




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