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International Business Times

Business

Marvie Basilan

Binance Nigeria Accused Of Funneling $26B Untraceable Funds; 2 Senior Execs Reportedly Detained

Binance Nigeria United States CBN Coinbase Kraken Crypto Bayo Onanuga

Binance has taken a severe hit since crypto markets collapsed and regulators began probing the legality of its business. (Credit: AFP)

KEY POINTS

CBN's Cardoso said the bank was concerned of practices that 'indicate illicit flows'
He said the central bank was committed to ensuring that Nigerian financial markets aren't manipulated
The passports of two senior Binance executives were reportedly seized upon their detainment

Binance Nigeria has been accused of funneling around $26 billion in undetectable funds, and two of its senior executives have reportedly been detained in the country.

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