Binance executive detained in Nigeria amid a crypto crackdown has escaped custody

Published March 25, 2024 10:59 AM

By CHINEDU ASADU
Associated Press

KADUNA, Nigeria (AP) — Authorities in Nigeria say an executive of global cryptocurrency exchange Binance has escaped custody in the West African nation where a criminal investigation has been launched against the platform accused of being used for money laundering. It was not clear how the Binance executive fled custody. Authorities said the security personnel responsible for the suspect’s custody have been arrested, and an investigation has been launched into the incident. Nigeria is Africa’s largest crypto economy in terms of trade volume with many citizens using cryptocurrency to hedge their finances against surging inflation and the declining local currency.

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