Nigeria’s government has accused Binance of enabling terrorism and kidnapping financing through illicit fund transfers. Information Minister Alhaji Mohammed Idris stated that criminals funneled money through Binance, leaving the government no choice but to act. This follows accusations that Binance contributed to the naira’s depreciation, a claim Idris reaffirmed despite denying allegations of government extortion.
Nigeria has taken several measures against Binance, including an $81 billion lawsuit and charges of money laundering and tax evasion. The crackdown also saw the detention of Binance’s security head, Tigran Gambaryan, sparking allegations that authorities sought a $150 million bribe. Although Gambaryan was later released on health grounds, his claims of extortion reignited tensions, leading to further legal action against Binance.
The latest allegations linking Binance to terrorism financing add to its growing legal troubles in Nigeria, Africa’s largest crypto market. Idris defended the government’s stance, citing suspicious financial transactions between Binance users and destabilizing elements as justification for the crackdown.
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