Nigerian authorities have detained two high-ranking Binance officials as part of a broader crackdown on cryptocurrency operations. The executives traveled to Nigeria in response to the recent prohibition of multiple cryptocurrency trading platforms but were subsequently detained by the office of the national security adviser and had their passports confiscated.

Binance has yet to issue a response to these developments, following a request for comment from Reuters. This regulatory action comes amid a surge in cryptocurrency trading within Nigeria, which has become a popular method for dealing with the nation’s persistent dollar scarcity issues.

The Nigerian currency, the naira, has seen its value decline, reaching levels comparable to the parallel market after undergoing devaluation last month, marking the second such devaluation in under a year. Nigeria, Africa's largest economy, has been facing severe dollar shortages, leading to a significant depreciation of its currency, exacerbated by an exodus of foreign investors triggered by the 2015 oil price crash and the implementation of capital controls.