Nigeria Takes Firm Action Against Binance Amid Economic Concerns, Detains Executives
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In a bold move aimed at addressing the economic challenges facing Nigeria, the government has taken decisive action against Binance, one of the world’s leading blockchain ecosystems. The Nigerian presidency, represented by special adviser Bayo Onanuga, has expressed concerns over Binance’s alleged manipulation of exchange rates and its potential to harm the country’s economy.
Speaking in an interview on Channels Television’s ‘Politics Today,’ Onanuga emphasized the need for Nigeria to clamp down on Binance, stating that failure to do so could result in the destruction of the country’s economy. He accused the cryptocurrency exchange of operating in the cyberspace, dictating exchange rates, and undermining the role of the Central Bank of Nigeria (CBN).
Two Binance Executives Detained as a Decisive Action Against Binance
In response to the government’s crackdown, two senior executives from Binance, both foreigners, were detained upon their arrival in Nigeria. Consequently, the move follows the recent ban on several cryptocurrency trading websites in the country. Furthermore, the executives’ passports were seized by the office of Nigeria’s national security adviser (NSA), Nuhu Ribadu.
The Nigerian government’s actions aim to rein in speculation on the naira and restore stability to the nation’s economy. The detention of Binance executives signifies a firm stance against cryptocurrency exchanges and their potential impact on Nigeria’s financial system.
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