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The Nigerian government announced in late February that it believed $26 billion had been unlawfully removed from the country in 2023 through Binance.
The central bank governor of the country made this estimate who shared the country is losing out on taxes from crypto activity that is unregistered.
A few days later, two executives from Binance were invited by the authorities Tigran Gambaryan and Nadeem Anjarwalla in order to discuss the issue. The two executives on Feb 26 were taken into custody but not charged with any crimes.
The country's Economic and Financial Crimes Commission request of detaining the two executives for 14 days was granted by a court and though they were scheduled to appear in court on April 4, according to BBC report the continued detention of the two executives was unlawful.
The two executives after arriving in Nigeria were Intercepted by the national security officers on the grounds that the leading crypto exchange Binance operates illegally in the country.
The country is facing a shortage of dollars as the local currency naira has fallen around 70% against the greenback since last year.
It is debatable if Binance has contributed to Nigeria's deteriorating economic situation, though, to the degree that Nigerian authorities are detaining mid level executives, it seems the country is looking to strong arm Binance and scapegoat its financial woes.
The exchange has been driven out of numerous nations throughout the world, and Changpeng Zhao, the company's founding CEO and the face of Binance for a longtime, was forced to resign and may now spend time in federal jail.
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