The Financial Times has confirmed the arrest of two Binance executives in Nigeria.

This comes on the heel of news of the crypto exchange halting naira to USDT/USDC transactions on its platform. Yesterday, Nigerian crypto platform, Onboard, paused naira to USDT/USDC settlement by 7 p.m. after sending several notifications to customers.

Nigeria's currency has experienced increasing volatility in the last few months after a series of policy changes made by the country's central bank.

On Tuesday, February 27, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said “$26 billion has passed through Binance Nigeria from sources and users we cannot identify.”

Currently, both Binance and Nigerian authorities are silent on the news of the arrest with no official statement from their ends.

Last week, we reported the CBN's alleged plan to shutdown all crypto platforms in Nigeria.