Two senior executives at Binance have been detained in Nigeria, with their passports seized, according to Financial Times (FT), a UK-based business news outlet.
The executives traveled to Nigeria after the country’s recent decision to ban several cryptocurrency trading websites.
Officials did not disclose the reasons for detaining the Binance employees, and it remains unclear whether they have been charged with any violations of Nigerian law.
Recall that the Federal Government blocked the online platforms of Binance and other crypto firms to prevent what it sees as ongoing manipulation of the forex market and illicit movement of funds.
Apart from Binance, other platforms like Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken were also blocked.