Binance Nigeria Is Involved in $26B in Illicit Flows, Says CBN

• The Nigerian Department of State Security arrested two Binance executives on Monday in Abuja.
• The arrest was a part of the ongoing investigations into crypto exchanges in Nigeria, including Binance and Kraken.
• The CBN Governor Olayemi Cardoso states that Binance Nigeria has been involved in $26 billion in illicit flows.

In the latest turn of events amid the increasing regulatory crypto scrutiny in Nigeria, two Binance executives have been arrested in the West African nation. Despite their attempt to flee when the country decided to ban certain crypto trading websites, they were arrested, and their passports were seized.

Currently, Nigeria is experiencing a foreign exchange crisis, with its local currency naira, hitting record lows on Wednesday. While the country framed new rules and strategies to limit outflows, Nigeria imposed restrictions on certain crypto exchanges, including Binance and Kraken. Nigerian President Bola Tinubu shared an X post, stating these crypto exchanges have been hijacking the role of CBN, “blatantly setting exchange rate for Nigeria.”

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