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Nigeria and Binance are still arguing about the Nigerian currency(naira).

  • Nigeria wants to know about the transactions of the top 100 Nigerian users of Binance in the last six months.
  • The country wants to stabilize its money because the economy is in crisis and prices are going up a lot.
  • Officials arrested two top employees of Binance, showing the growing problems between the Nigerian government and the digital money company.

Binance, the world’s largest cryptocurrency exchange, is being closely examined by Nigeria as the spotlight shines bright on it. This is not just a small fight in the park; it’s a big fight about the future of the naira, Nigeria’s money, and how it affects the economy. As things get more intense, two top Binance leaders are in a difficult situation, and their freedom has been at risk for over three weeks. Nigeria wants to look into Binance’s records and get information about the top 100 Nigerian users and all their transactions from the last six months. Why, you ask. Because Nigeria thinks that Binance could cause problems for its economy by making the naira less valuable during a time when its value is already dropping a lot.

An in-depth look at the main issue

It looks like Nigeria is in big trouble, dealing with its worst economic problem in thirty years. The government is struggling to control high inflation, which is now at 29. 9% because the value of the currency recently went down. President Bola Tinubu and his team are working hard to attract foreign investors back to Nigeria. However, there’s a surprising thing: cryptocurrency platforms, especially Binance, have become very popular among people, providing a different way to deal with money than the official naira.

When the government of Nigeria blocked access to crypto websites and arrested some important people from Binance during their visit to Abuja, it was not just a statement but a declaration of war. Binance, a company that doesn’t like to stay quiet, stopped trading the naira, which affected the financial world. These two bosses, Nadeem Anjarwalla and Tigran Gambaryan, are in a strange situation. They are stuck in a guest house and can’t move or talk freely because of national security reasons.

But let’s get straight to the point: Nigeria is suffering from currency speculation, and Binance, with its huge $26 billion transactions, is facing the consequences. The government’s decision to let the market determine the value of the naira after its devaluation did not go as planned. People are saying that Binance is causing problems by getting involved in the central bank’s business and affecting the value of the naira. It’s chaotic because there are talks about Binance getting a $10 billion fine for hurting Nigeria’s economy. However, keep in mind that in negotiations, the first offer made is just the beginning.

The people who work behind the scenes

Anjarwalla and Gambaryan are two men who stand for more than just what Binance wants in Africa. They are affected by the fighting between different sides. Nigeria has detained them to try and use their situation to their advantage in the bigger fight over money. However, even though the situation is serious, it seems like they are being treated well so that their home countries won’t get upset with Nigeria.

The story involved different people, like Anjarwalla’s worried spouse who was not informed by the British government, and the US State Department who hasn’t said much about what they did. This isn’t just a disagreement between businesses; it’s a careful and complicated situation with important consequences that go beyond just the companies involved.

Warning: This is not advice for trading.

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