Crypto Clash: Nigeria's Showdown with Binance Executives

Nigeria has reportedly detained two executives from Binance, a major cryptocurrency exchange, upon their arrival in the country. According to media reports, the executives' passports were confiscated by the Office of the National Security Adviser. The detention follows allegations that Binance has been operating illegally in Nigeria, with the central bank governor claiming that the exchange facilitated the movement of $26 billion in untraceable funds. While the executives have not been formally charged, they could potentially face accusations related to currency manipulation, tax evasion, and unauthorised operations. The situation is being described as a "national security issue," with ongoing discussions and investigations involving various government agencies. This development comes after Nigeria's Securities and Exchange Commission stated last year that Binance Nigeria was not authorised to conduct operations within the country's borders.