Binance Executives Detained in Nigeria Amid Accusations of Illegal Forex Trading, Tax Evasion

Nigerian authorities accused Binance of illegal foreign exchange manipulation, money laundering, and tax evasion related to $35 million in transactions.

Two Binance executives were detained in Nigeria - one escaped custody, while the other remains detained on money laundering and tax evasion charges.

Nigeria demanded transaction info on Binance's top 100 local users, then detained the executives when they arrived to negotiate.

Binance stopped Nigerian naira services after accusations its operations harmed the local economy and currency.

Binance denies wrongdoing and vows to defend itself, but the crackdown highlights Nigeria's uneasy crypto relationship amid forex struggles.