Terrorists and kidnappers have used the Binance exchange to transfer funds, according to Nigeria’s Minister of Information, Alhaji Mohammed Idris, in an interview with DL News.
He stated that the platform facilitated the financing of criminal activities, exacerbating the country’s security issues.
“We have managed to find evidence linking Binance to terrorists and other criminal groups,” the minister said.
Nigeria has filed three lawsuits against the exchange. In two cases, Binance is accused of aiding money laundering and tax evasion. In another case, authorities demand $81.5 billion from the company for economic damages.
Hearings are set to begin soon.
Criticism of the company intensified after authorities claimed that cryptocurrencies are used to pay kidnappers and militants. According to the statistics agency, kidnappings and violence affected millions of Nigerians over the year, with total ransom payments amounting to $1.4 billion.
In February 2024, authorities detained two top Binance executives. Nadim Anjarwalla managed to flee to Kenya, while Tigran Gambaryan spent eight months in the Kuje correctional facility in Abuja. In October, the Nigerian government dropped all charges against him.