Nigeria's $10 Billion Demand: Binance Under Fire in Crypto Crackdown

Nigeria's government has reportedly demanded $10 billion from Binance, the largest cryptocurrency exchange by trading volume, alleging that it enabled $26 billion of untraceable funds to leave the country amid a foreign exchange crisis. The demand comes after central bank Governor Olayemi Cardoso accused Binance of contributing to economic disruption by setting an unofficial exchange rate for the Nigerian naira. However, a presidential spokesperson later clarified that no specific amount had been set, stating that potential fines were still under consideration and might not necessarily amount to $10 billion. The government's move follows the detention of two Binance executives who arrived in Nigeria earlier in the week. The exchange, which is not registered to operate in the country, faces accusations of operating illegally and exacerbating the naira's 70% depreciation in recent months. Both Binance and Nigerian authorities have yet to comment on the matter.