Nigeria Detains Binance Executives Amid Cryptocurrency Crackdown

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Security officers in Nigeria have allegedly arrested two senior managers of Binance as part of a crackdown on cryptocurrency trading.

According to the Financial Times, two senior executives from Binance were detained in Nigeria as the country tightens its grip on cryptocurrency exchanges.

 The executives flew to Nigeria after the recent ban on several cryptocurrency trading websites, but they were apprehended by the office of the national security adviser, who seized their passports.

Binance has not responded to Reuters' request for comment on the matter.

 This crackdown comes after various cryptocurrency platforms became popular choices for trading the Nigerian currency, which has been plagued by chronic dollar shortages.

The official exchange rate of the naira has been trading near the parallel market level following its devaluation last month, marking its second adjustment in less than a year.

 Nigeria, Africa's largest economy, has faced severe dollar shortages, leading to record lows for its currency. This situation stems from foreign investors withdrawing after an earlier oil price collapse and the imposition of capital controls in 2015.