Nigeria Demands $10 Billion from Binance Amid Currency Manipulation Accusations

The cryptocurrency firm faces scrutiny over its alleged role in the naira's devaluation and enabling untraceable funds to leave Nigeria.

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.