Binance Under Fire: Nigerian Authorities Detain Executives in Escalating Crypto Investigation

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, reports suggest that the duo comprises citizens of both the United States and the United Kingdom.


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.”

- Olayemi Cardoso, Governor of the Central Bank of Nigeria

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.

Bloomberg and Nigerian news outlets have reported that the Nigerian Communications Commision has ordered telecommunication companies and internet service providers to block access to Binance, Coinbase, Kraken, and various other crypto platforms.

Contrary to the various news reports, Coinbase states that Nigerian users still have access to the platform.

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Do you think Binance will get kicked out of Nigeria just like they were in the United States?
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