However, recent reports seem to indicate that the Nigeria Government wishes to detain them further,
In fact, according to a Coinbase report, Nigeria's government and Binance have been involved in a dispute about some $26 billion of untraceable funds. According to the FT, Nigeria sees Binance as a crucial link undermining government effort to stabilize the Naira, its currency.
The two officials have been held since their arrest two weeks ago, with the EFCC planning to extend their detention even further, according to sources familiar with the case as reported by Reuters on Thursday.
Binance, the cryptocurrency platform employing the detained officials, however stated that it is working with Nigerian authorities to secure their release but refrained from commenting on the specifics of the case.
The Nigerian government, led by Tinubu, has also intensified its efforts to regulate the cryptocurrency market, alleging that platforms like Binance are facilitating currency speculation and undermining the national economy. The government has blocked access to Binance’s website for Nigerian users.
CBN governor Olayemi Cardoso claimed that over $26 billion flowed through Binance in the past year, while accusations from media aide Bayo Onanuga accused cryptocurrency platforms of rate manipulation and economic sabotage.
As a result of the crackdown and the detention of its officials, Binance has ceased naira-related transactions and hence exited the Nigerian market.
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