The Nigerian government has escalated its measures against Binance, a leading global crypto exchange, by imposing a hefty $10 billion fine amidst a crackdown on cryptocurrency activities within the country.
This move follows accusations of Binance’s involvement in purported illegal transactions, which led to the recent detention of two of the exchange’s executives.
In response to the ban on its website in Nigeria, the executives visited the country last week, only to be apprehended by the office of the National Security Adviser (NSA).
While specific details of the investigation remain undisclosed by the NSA, Olayemi Cardoso, the governor of the central bank, disclosed that an astonishing “$26 billion has flowed through Binance Nigeria from sources and users whose identities remain elusive.”
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Furthermore, there are reports indicating that the Nigerian government has formally requested user data and comprehensive details from Binance, further intensifying the scrutiny on the global crypto exchange within the country’s regulatory landscape.