Nigeria orders cryptocurrency giant to pay $10 billion

The Nigerian government has said it has sought almost $10 billion in compensation from cryptocurrency company Binance.

According to the government, Binance manipulated foreign exchange rates through speculation and rate-fixing, which has caused the Naira [Nigeria's official currency] to lose nearly 70% of its value in recent months.

Two Binances executives were arrested in Nigeria earlier this week.

Binance has not responded.

Nigeria is Africa's largest economy and also one of the largest cryptocurrency markets in the world.

On Tuesday, the Central Bank of Nigeria said Binance Nigeria had moved untraceable funds worth $26 billion.

Cryptocurrencies are not illegal in Nigeria, but companies must register in order to operate there. According to the Nigerian government, Binance had failed to do so.