Nigeria Demands $10bn from Binance, Alleging Currency Manipulation
Nigeria is accusing cryptocurrency firm Binance of causing the naira to lose value by manipulating foreign exchange rates.
The government claims Binance moved $26bn in untraceable funds and failed to register properly.
This comes as Nigeria faces economic challenges, including a collapsing currency and high living costs.
Cryptocurrency transactions make up a significant portion of Nigeria’s income, but the government is cracking down on firms like Binance, citing concerns about money laundering and terrorism financing.
The situation highlights the complex relationship between cryptocurrencies and government regulation.
(Credit: BBC)
https://www.bbc.com/news/world-africa-68451238