Two senior Binance officials were detained in Nigeria after the country announced a ban on the use of cryptocurrency trading platforms. This was reported by the Financial Times. The executives were not exempted from the travel ban order and were held at the national security advisor’s office with their passports seized immediately.
This happens as a result of their fight against the naira of Nigeria, which became preferably traded through cryptocurrency sites alongside the current dollar shortages. The naira’s official exchange rate is around the black-market rate following its devaluation last month, the second which has occurred in less than one year.
Several crypto exchanges have already been banned in Nigeria. Exchanges like OctaFX, Crypto, FXTM, Coinbase, and Kraken no longer operate in the region.
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