Two Binance executives have been arrested in Nigeria by federal security operatives this week, the Financial Times has confirmed. This arrest, which the FT revealed was carried out by the office of the National Security Adviser (NSA) follows a decision by Nigerian regulators to block access to the crypto exchange’s website last week.

A Binance staff had previously confirmed this news to NODO, explaining that some of his colleagues were recently arrested as the government intensified efforts to extract KYC information from the exchange. Unconfirmed reports claim that technology founders in the country are being trailed by security agencies forcing some to flee to neighbouring countries.

This action comes after the Governor of the Central Bank of Nigeria, Olayemi Cardoso, issued a stern caution to crypto exchanges during the recent Monetary Policy Committee (MPC) meeting on Tuesday. Cardoso expressed concerns about these exchanges facilitating illicit financial activities and informed that the central bank was working closely with Nigerian security authorities to address suspected currency manipulation.

"In due course, as we progress and have information to share, we will certainly share. Suffice it to say that we are determined to do everything it takes to ensure that we take charge of our market or to put it differently, do not allow others to manipulate our markets in a way that ends distortionary and sub-optimizes for all Nigerians. We will do everything possible to prevent any of these kinds of infractions from taking place,” the central bank governor has warned.