The Nigerian government has leveled serious accusations against Binance, claiming that the global cryptocurrency exchange has been involved in facilitating money laundering activities for terrorist groups, including Boko Haram and the Islamic State West Africa Province (ISWAP). This accusation adds to a growing list of legal challenges Binance faces in Nigeria.
According to Alhaji Mohammed Idris, Nigeria’s Minister of Information, the government has uncovered evidence suggesting Binance’s connection to criminal and terrorist groups. Idris stated that Nigerian authorities discovered financial transactions linking Binance to these organizations, raising concerns about the exchange’s involvement in illegal activities.
The controversy has been further fueled by allegations that Binance attempted to bribe Nigerian officials with $50 million USD in exchange for securing the release of its detained executive, Tigran Gambaryan. Binance has denied these claims and pleaded not guilty to the criminal charges, including accusations of money laundering and tax evasion. The company has not made any public comment on the claim that it owes Nigeria $81 billion in “lost economic activity,” a matter still under legal dispute.
The Nigerian government’s investigation was triggered by reports indicating that criminal groups, including kidnappers and terrorists, had been using Binance to move funds. These findings have heightened fears about the platform being exploited to finance destabilizing activities in the region.
Binance’s troubles in Nigeria come on the heels of a significant legal settlement in the United States in 2023, where the exchange was fined $4.3 billion for failing to prevent terrorist organizations, such as Hamas and ISIS, from using its platform for illicit financial transactions.
In Nigeria, authorities remain concerned about Binance’s role in funding groups responsible for widespread violence, kidnappings, and killings. The ongoing legal proceedings in Nigeria are expected to continue into April, with the case facing multiple delays and uncertainties regarding its outcome.
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