Two senior executives from the global cryptocurrency exchange platform Binance have been in Nigeria over allegations of “fixing the country’s exchange rate.”
The executives arrived in Nigeria to discuss the suspension of the trading platform with Nigerian authorities. However, they were detained on Wednesday.
Bayo Onanuga, the presidential spokesman, accused Binance of fixing the country’s exchange rates and assuming the role of the central bank in an interview with local media on Wednesday.
“If we don’t clamp down on Binance, [it] will destroy the economy of this country. They just fix the rate,” he added.
The country’s Central Bank Governor, Olayemi Cardoso, said that about $26bn (£20bn) had passed through Binance Nigeria in cryptocurrency trades through “sources and users who we cannot adequately identify” on Tuesday.
Binance officials have not yet responded to the claims.
Last December, Nigerian authorities lifted a two-year ban on cryptocurrency transactions, citing concerns about money laundering and terrorism financing risks posed by cryptocurrencies in the country.
The government’s actions against Binance are part of its efforts to stabilize the local naira currency, which has depreciated by almost 70% in the last eight months.