By Alex Omenye
The Federal Government has arrested two Binance executives in Nigeria this week, The Financial Times reported.
Last week, both executives had flown to Nigeria in response to a website ban and were subsequently arrested by the office of the National Security Adviser, as outlined in the same report.
In a tumultuous week for Nigeria’s crypto industry, regulators implemented substantial changes, including blocking access to several exchange websites and establishing fixed USDT/NGN exchange rates.
On Wednesday, it was reported that several crypto exchanges had prohibited users from purchasing the USDT and USDC stablecoins.
Despite the arrests, Nigerian authorities have remained silent on the matter.
A spokesperson for the NSA informed TechCabal that they had no knowledge of the arrest, suggesting that the action might have been taken by other security outfits.
Olayemi Cardoso, the central bank governor, hinted at undisclosed actions by security agencies at the conclusion of the monetary policy meeting on Tuesday, asserting that these actions would be revealed soon. He also cautioned speculators about impending consequences, signaling a forthcoming tightening of regulatory measures.
Nigeria’s assertive actions against crypto companies come just months after the country reversed a longstanding ban that previously restricted them from accessing banking services.
Adding to the complexity, a Binance employee disclosed that their office had cautioned against wearing Binance merchandise or sharing any identifiers of their employers.
This precautionary measure hints at the escalating tension and sensitivity surrounding the recent developments in Nigeria’s crypto landscape.
