fbpx
Monday, January 13, 2025
26.3 C
Abuja

Two Senior Binance Executives Arrested In Nigeria

Two senior executives at Binance have been detained in Nigeria.

According to Financial Times (FT), a UK-based business news outlet, the passports of the unnamed Binance executives were seized.

FT gathered that the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but were detained with their passports seized.

Officials did not provide details on why the Binance employees are being detained and it remains unclear on whether they have been charged with any violations of Nigerian law.

The federal government had last week blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others were also blocked.

The Central Bank of Nigeria (CBN) on Tuesday raised concerns over $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.

CBN Governor, Olayemi Cardoso, expressed worries over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.

 

“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,” he stated.

SourceFT

Hot this week

Police believe weather conditions behind fatal bus crash in Germany

Agency Report - Berlin - Police said on Sunday that they are...

Bochum’s rivals join Union is criticizing German FA ruling

Agency Report - Berlin  - Bochum's Bundesliga relegation rivals have joined...

Germany backs easing some Syria sanctions, pledges €50 million in aid

Agency Report - Cairo  – German Foreign Minister Annalena Baerbock...

China Development Bank releases $255m loan for Kaduna-Kano railway

Beijing — China Development Bank has recently granted the first...

‘Shadow fleet’ oil tanker adrift in Baltic Sea towed to harbour

Agency Report - Stuttgart  - A loaded oil tanker that lost...

Latest

Police believe weather conditions behind fatal bus crash in Germany

Agency Report - Berlin - Police said on Sunday that they are...

Bochum’s rivals join Union is criticizing German FA ruling

Agency Report - Berlin  - Bochum's Bundesliga relegation rivals have joined...

Germany backs easing some Syria sanctions, pledges €50 million in aid

Agency Report - Cairo  – German Foreign Minister Annalena Baerbock...

China Development Bank releases $255m loan for Kaduna-Kano railway

Beijing — China Development Bank has recently granted the first...

‘Shadow fleet’ oil tanker adrift in Baltic Sea towed to harbour

Agency Report - Stuttgart  - A loaded oil tanker that lost...

Germany’s far-right AfD votes to replace controversial youth wing

Agency Report Riesa, Germany - Germany's far-right Alternative for Germany (AfD)...

Tinubu’s Security Chief Defies Redeployment, Sparks Concerns Over Discipline

ABUJA, Nigeria (CHATNEWSTV) — Three months after being officially...

Protesters slam German police conduct at rally against far-right AfD

Riesa, Germany - The organizers of a protest against Germany's...
spot_img

Related Articles

Popular Section

spot_imgspot_img

MORE FROM CHATNEWSTV

China Development Bank releases $255m loan for Kaduna-Kano railway

Beijing — China Development Bank has recently granted the first tranche of a loan worth €245 million ($255 million) to support the Kaduna-Kano railway in Nigeria,...

Why we’re in a hurry to develop Enugu State – Enugu Governor

Governor Peter Mbah of Enugu State says he is in a hurry to develop and transform the state because of the pressing circumstances in...

BudgIT Flags Irregularities, Omissions in 2025 Proposed Budget

ABUJA — Civic-tech organization BudgIT has raised concerns over alleged omissions, irregularities, and a lack of transparency in the 2025 federal budget, urging the...

Gov Mbah Signs Land Use Regulation, Executive Order Creating New Urban Areas

In exercise of his powers under the Land Use Act 1978, Governor of Enugu State, Dr. Peter Mbah, on Thursday, signed Land Use Regulation...

Germany’s Nordex Group wins turbine orders from UKA, DenkerWulf, wpd

Germany's Nordex Group has secured an order for 80 turbines from renewable energy site developer Umweltgerechte Kraftanlagen GmbH & Co KG (UKA) for projects...

Struggling German carmaker VW reports sales drop for 2024

Agency Report - Ailing German carmaker Volkswagen (VW) sold fewer of its own-brand cars in 2024 than in the previous year, according to a statement...

China Urges Nigeria to Issue Panda Bonds for Infrastructure Funding

Agency Report - Wang Yi, Chinese Minister of foreign Affairs, on Thursday urged Nigeria to issue panda bonds in China to generate revenue to finance...

Tinubu Agrees to Amend Controversial Tax Reform Bills — Gov. Sule

ABUJA, Nigeria (CHATNEWSTV) — Nasarawa State Governor Abdullahi Sule on Wednesday revealed that President Bola Tinubu has agreed to amend contentious clauses in the...

Lufthansa to take minority stake in Italy’s ITA Airways on January 13

Agency Report - Frankfurt  - German aviation giant Lufthansa Group is set to take a stake in Italian state-owned airline ITA on January 13 following years...