Overview

• The Nigerian government has demanded $10 billion from Binance, alleging the cryptocurrency firm manipulated the naira, causing it to lose nearly 70% of its value.
• Binance faces accusations of enabling $26 billion of untraceable funds to leave Nigeria, contributing to a foreign exchange crisis.
• Two Binance executives were detained in Nigeria earlier this week, with investigations into the firm's operations ongoing.
• Binance insists it remains committed to adhering to local regulations, despite not being officially registered to operate in Nigeria.
• The situation has led to a crackdown on crypto exchanges in Nigeria, with several firms including Binance facing suspension.