The crackdown on Binance and other crypto exchanges by Nigerian authorities is tied to efforts to control the rapid devaluation of the naira and manage inflation.

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The crackdown on Binance and other crypto exchanges by Nigerian authorities is tied to efforts to control the rapid devaluation of the naira and manage inflation.

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The Nigerian government ordered telecom and internet service providers to restrict access to various crypto exchanges, including Binance, Coinbase, and Kraken in an effort to safeguard against the frequent depreciation of the naira, the national currency.
Nigerian authorities have shifted their attention to cryptocurrency websites following a rapid devaluation of the naira, contributing to inflation reaching an almost three-decade high of nearly 30%.

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Nigerian government detains Binance executives

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