Two high-ranking officials from Binance, one of the world’s largest cryptocurrency exchanges, have been detained by Nigerian authorities for the past two weeks. According to reports, Tigran Gambaryan, Binance’s Head of Financial-Crime Compliance, and Nadeem Anjarwalla, the company’s regional manager for Africa, were arrested after being invited to discuss allegations of the exchange destabilizing the local currency, the Nigerian naira.

The Nigerian government has accused Binance of engaging in illegal activities and manipulating the foreign exchange rate for profit. They have also restricted access to the exchange’s website. There are also reports of a potential $10 billion fine for processing $26 billion of untraceable money in the country.

Nigeria, the second-largest economy in Africa, has been facing a severe economic crisis due to inflation and the devaluation of the naira. The adoption of cryptocurrency in the country has been growing, second only to the United States. However, the exact link between Binance and Nigeria’s economic crisis is still unclear.

The detention of the Binance officials and the accusations against the exchange have stirred up controversy and raised questions about the future of crypto regulation in Nigeria. The ongoing dispute highlights the potential impact of cryptocurrency on national economies and the need for proper regulation.