On February 26th, Nigeria’s Department of State Security detained two senior executives of Binance as part of investigations into the crypto exchange’s operations in the country. The two executives had their passports seized and were quickly arrested after being invited to Nigeria to answer questions regarding the company’s operations. The identities of the executives at Binance remain undisclosed at present. However, suggest that the duo comprises citizens of both the United States and the United Kingdom. reports The Central Bank of Nigeria has accused Binance of funneling more than $26 billion worth of untraceable funds out of the African nation. Nigerian officials are reportedly investigating Binance for facilitating terrorism financing, money laundering, and other forms of illicit finance. Nigeria’s inquiry into the crypto exchange has reached a critical juncture, with authorities now insisting on access to all user data and information held by Binance Nigeria. “We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best. In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify. We are determined to do everything it takes to ensure that we take charge of our market, or to put it differently, do not allow others to manipulate our markets in a way that ends up distortionary.” - , Governor of the Central Bank of Nigeria Olayemi Cardoso Back in September of 2023, Nigeria’s Securities and Exchange Commission issued a disclaimer against Binance Nigeria Limited, stating that the platform was “neither registered nor regulated by the Commission,” thus deeming its operations illegal. and have reported that the Nigerian Communications Commission has ordered telecommunication companies and internet service providers to block access to Binance, Coinbase, Kraken, and various other crypto platforms. Bloomberg Nigerian news outlets Contrary to the various news reports, Coinbase that Nigerian users still have access to the platform. states Do you think Binance will get kicked out of Nigeria just like they were in the United States? What are your thoughts on this news? Join the conversation below! Check out my Socials: https://linktr.ee/zerorequiem0x Also published . here

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