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FG has detained two Binance Executive over alleged FX Manipulations

Nigerian Government has reportedly detained the two top executives over alleged manipulations in foreign exchange trading and speculative activities.
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Binance Executive

In the News:

  • Federal Government detained two Binance executives.
  • The executives are suspected of facilitating illegal FX transactions.
  • The detentions are part of an ongoing investigation into FX manipulation.
  • Binance has not yet officially commented on the detentions.
  • The outcome of the investigation and the fate of the detained executives remain unclear.
  • This incident could have wider implications for the cryptocurrency industry in Nigeria.

The Nigerian Government has detained two executives from Cryptos exchange platform Binance as part of an ongoing investigation into alleged foreign exchange (FX) manipulations, according to a statement released by the Federal Government (FG) today, Wednesday 28, February, 2024.

The identities of the detained individuals have not been officially disclosed, citing ongoing legal proceedings. However, the statement confirmed that the executives are suspected of facilitating illegal FX transactions through the Binance platform, potentially undermining the stability of the Nigerian Naira (NGN).

According to Nairametrics, the detained executives visited Nigeria due to recent crackdown on various crypto platforms and exchanges. Upon arrival, they were apprehended by the Office of the National Security Adviser (NSA), and their passports were confiscated.

Binance, the world's largest cryptocurrency exchange by trading volume, has yet to officially comment on the detentions. However, the company has suspended the exchanging of the naira against BTC and USDT cryptocurrencies on its platform.

Not quite long ago, the company also stated that its committed to cooperating with regulatory authorities globally and adhering to local laws and regulations.

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