Two executives from the cryptocurrency exchange Binance have been arrested in Nigeria on suspicion of destabilizing the country's currency. Quartz reports: Binance's head of financial crime compliance, Tigran Gambariyan, who previously worked for the U.S. Internal Revenue Service, and Binance's Africa regional manager, a British-Kenyan, reported the Wall Street Journal. Nadeem Anjalwala has been held against their will in this country for the past two weeks. Nigerian government officials have reportedly invited Binance executives to discuss the ongoing dispute over the world's largest cryptocurrency exchange, which is allegedly driving down the value of the country's currency. Gambariyan and Anjarwala arrived in Nigeria on February 25th. After meeting with government officials, both were taken to a hotel. They were then instructed to pack up their belongings and move to a guesthouse run by the Nigerian National Security Agency, according to reports.
The Nigerian government has accused Binance of exacerbating the country's currency problems through rate manipulation for profit. Authorities also accused the cryptocurrency exchange of operating illegally and restricted access to its website. There are also reports that Nigeria has sought a $10 billion fine against Binance for processing approximately $26 billion in untraceable funds within the country. […] It is not yet clear how Nigeria's economic crisis has anything to do with Binance. According to CoinDesk, Binance hopes to resolve this issue soon. The report notes that Nigeria is facing its worst economic crisis in recent years due to inflation and the devaluation of the Naira currency.