The Nigerian authorities accuse the cryptocurrency exchange Binance of illegal activities, including operating without the appropriate license and speculation, which led to the collapse of the national currency - the naira. This investigation followed the arrest of two high-ranking managers of the exchange and accusations of fiat currency devaluation, which, according to the authorities, caused serious damage to the country's economy. The Special Advisor to the President, Bayo Onanuga, emphasized that only the Central Bank has the right to set the currency exchange rate, pointing out the illegality of Binance's actions. The potential fine amount could reach $10 billion.

Particular attention is drawn to the statement by the head of the regulator, Olajide Kardoso, that around $26 billion from undisclosed sources was processed through Binance in 2023. This confirms the seriousness of the allegations and the scale of the alleged illegal activities. In light of these events, the Nigerian Communications Commission has taken action by blocking access to the websites of major cryptocurrency exchanges, including KuCoin and Binance, prompting a reaction in the cryptocurrency community. In response to the actions of the Nigerian authorities, Binance, in turn, removed the naira from its P2P service, which could be seen as a response.

The situation is exacerbated by the high level of inflation in Nigeria, reaching 29.9% in January 2024. Attempts by local authorities to stabilize the devaluation of the national currency through the issuance of the central bank's digital currency have not been successful due to low interest from citizens. This underscores the complexity of the economic situation in the country and the potential impact of the actions of major cryptocurrency platforms on the national economy.