DL NEWS
Nigeria’s Minister of Information, Alhaji Mohammed Idris, has accused Binance, a leading cryptocurrency exchange, of facilitating financial transactions for terrorists and kidnappers operating within the country. He stated that investigators uncovered evidence linking Binance’s operations to these criminal elements, exacerbating national security concerns. This revelation intensifies the legal challenges Binance faces in Nigeria, including charges of money laundering, tax evasion, and claims of $81 billion in lost economic activity.
The Nigerian government’s scrutiny of Binance aligns with broader efforts to combat the financing of terrorism and criminal activities through digital platforms. In 2023, Binance admitted to violating U.S. banking laws by failing to prevent and report suspicious transactions involving terrorist groups such as Hamas, Al Qaeda, and ISIS, resulting in a $4.3 billion settlement. In Nigeria, militant groups like Boko Haram and ISWAP have been implicated in widespread kidnappings and violence, with reports indicating that victims and their families paid over $1.4 billion in ransom payments during a 12-month period ending in April 2024.