FG Detains Binance execs for Alleged FX Manipulations
The federal government reportedly detained two top executives of the popular cryptocurrency trading platform, Binance, on Wednesday over alleged manipulations in foreign exchange trading and speculative activities.
the executives visited Nigeria in response to the country’s recent crackdown on various cryptocurrency trading platforms.
During their stay, they were apprehended by the Office of the National Security Adviser, and their passports were confiscated. Recently, following the naira’s significant devaluation, which led to inflation soaring to an almost 30-year high of 29.9%, the Nigerian government has intensified its regulation of cryptocurrency platforms.
In response to the detention of its executives, Binance discontinued the trading of the naira against bitcoin and tether cryptocurrencies on its exchange.
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