Nigeria is not yet among Binance’s top markets despite being a leading global crypto market. However, the crypto exchange said it recognizes the West African country’s “extraordinary potential,” which is one reason why it is eager to invest there.

‘Extraordinary Potential’

The cryptocurrency exchange Binance has clarified that Nigeria, despite being one of the world’s largest crypto markets, is not yet one of its top markets. However, Binance acknowledged the country’s “extraordinary potential” in an update on its ongoing dispute with the Nigerian government. This potential according to the update, is why Binance is still keen on investing in the country.

As reported by Bitcoin.com News, the Nigerian government has intensified its conflict with the crypto exchange, blaming the sharp depreciation of the local currency in February on Binance. In response, Binance reportedly capped the naira to USDT exchange rate but this ultimately failed to assuage officials who went on to detain Binance’s visiting senior executives.

Since then, officials have alternated in threatening the crypto exchange. Some reports suggested that Binance was asked to pay to secure the release of the detained executives. Until recently, Binance had largely refrained from publicly commenting on the status of the two executives, whose identities were recently revealed.

Binance was asked to pay to secure the release of the detained executives. Until recently, Binance had largely refrained from publicly commenting on the status of the two executives, whose identities were recently revealed.