Nigeria/Trading : Is the Binance Cryptocurrency market in Danger ?
According to reports, Nigerian authorities have taken an unprecedented step by seeking legal action against the cryptocurrency exchange platform Binance, as well as two of its executives, for alleged money laundering and tax evasion.
This move follows several weeks of criminal investigation into the trading platform’s activities.
Nigeria, which boasts Africa’s largest cryptocurrency economy in terms of transaction volume, has faced allegations that the Binance platform was used for money laundering and terrorism financing activities.
According to charges filed at the Federal High Court in Abuja, Binance and its executives are accused of operating without the required license, illegally trading foreign exchange rates, as well as tax evasion and concealing the origin of illicit funds, amounting to an estimated $35.4 million.
The Abuja Court has postponed the start of the trial to April 8th, after a lawyer for Gambaryan challenged his client’s right to represent Binance in the case without the company’s authorization.
In light of this legal situation, traders are questioning the future of this major digital economy platform in Nigeria.
