The Nigerian authorities have alleged that Binance is involved in aiding the funding of terrorism and kidnappings by allowing illegal money transfers on their cryptocurrency trading platform.
Binance Faces Increasing Legal Challenges in Nigeria
Prior to the Nigerian government’s crackdown on Binance, kidnapping gangs and terrorists funneled illicit funds through the cryptocurrency exchange, Information Minister Alhaji Mohammed Idris recently stated. Idris said this situation left the Nigerian government with no option but to take action against Binance.
The minister’s comments came days after he rejected assertions the Nigerian government was extorting the cryptocurrency exchange. In remarks published by Semafor, Idris also denied claims the government holds Binance responsible for the depreciation of the local currency. However, Idris is quoted in the Semafor report as saying Binance contributed to the naira’s decline.
Consequently, the Nigerian government instituted several measures targeting Binance, including bitcoin.com/binance-faces-massive-81-5-billion-lawsuit-from-nigerian-government/”>filing an $81 billion lawsuit against the exchange. Money laundering and tax evasion charges have also been filed against Binance.
At first, when the Nigerian authorities moved against Binance, they also arrested Tigran Gambaryan, who is in charge of security at the crypto exchange. The extended detention of Gambaryan sparked accusations that the Nigerian government was trying to pressure Binance into paying a $150 million bribe. After being held for several months, Gambaryan was eventually freed due to health concerns, thus resolving a conflict that had the potential to strain U.S.-Nigeria relations.
However, after Gambaryan repeated the bribery claims during an interview with a U.S. publication, the Nigerian government accused the Binance employee of lying. A few days later, Binance was served with the billion-dollar lawsuit. The latest allegation, linking Binance to terrorism and kidnapping, adds to its growing legal woes in a country with Africa’s largest crypto market.
As a crypto investor, I’ve noticed speculations surrounding Binance’s involvement in illicit activities, such as terrorism and kidnapping, as claimed by Idris in reference to the Nigerian government’s case. This is something that concerns me deeply, not just as an investor, but also as a member of the global crypto community who believes in the potential of blockchain technology for positive change. It’s crucial that we ensure these platforms are used responsibly and ethically.
If you notice money moving between individuals involved in financial activities within your country and those who seem to be causing instability or unrest, it’s definitely something worth investigating.
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2025-03-31 13:00