According to Financial Times (FT), a UK-based business news outlet, the passports of the unnamed Binance executives were seized.

FT gathered that the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but were detained with their passports seized.

Officials did not provide details on why the Binance employees are being detained and it remains unclear on whether they have been charged with any violations of Nigerian law.

The Nation reported last week Federal Government blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others were also blocked.

The Central Bank of Nigeria (CBN) on Tuesday raised concerns over $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.

CBN Governor, Olayemi Cardoso, expressed worries over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.

“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he stated.

socialmediaman:
You arrested who? On what charges? Mention their names and portfolios let's check something. Those details are usually leaked to the press.

This news is trash unless Binance confirms it

If you have to go to the point of stealing someone else's mandate, at least do what the mandate requires

Putindbutt:
They must cough out the $28billion, every money laundering platform is in trouble.

Okoroawusa:

What is the name of the person whose mandate was stolen.

Lifestone:

Even the USA charged Binance and forced it's Chief Executive to resign. They also pay a huge fine in excess of $2billion. Nigeria must make them to pay fines also in billions of Dollars

Massiveglory:
I hope this fire brigade approach will not land naira to 3000 to a dollar.
Is this the way to attract investors?
This fire brigade approach could give you tempoary reliefs but greater problems.

I should think this approach and strength should be tailored more into shifting Nigeria from a consuming nation to a producing nation and strengthening institutions to curb corruption to bearest minimum begining from the top.

If you leave root of the problem in the nation and begin to cut off the branch with all your strength, it is more of us a basket to fetch water.