Nigeria investigates Binance for terror finance and money laundering involvement. Executives detained.

February 29, 2024
1 min read


  • Nigerian officials are investigating Binance for terrorism financing, money laundering, and illicit finance.
  • Two Binance executives remain detained in Nigeria as part of the probe.

Nigerian authorities are intensifying their investigation into Binance, a popular cryptocurrency exchange, for allegedly facilitating terrorism financing, money laundering, and other forms of illicit finance. Two Binance executives, an American and a British citizen, have been detained in Nigeria as part of the probe. The officials are demanding access to customer data in Nigeria as the investigation expands. The situation marks a significant escalation in the dispute between the Nigerian government and the crypto exchange, as Binance’s website is no longer accessible to Nigerians.

In response to the Binance ban, crypto traders in Nigeria are turning to peer-to-peer trading groups on platforms like Telegram. However, concerns are raised about the safety and legitimacy of these alternative trading channels. Crypto and blockchain advocates warn that the government’s action may drive traders to underground channels that cannot be properly monitored or regulated. Binance representatives have not responded to inquiries from DL News regarding the situation.

The Nigerian Communications Commission recently ordered internet service providers to block access to Binance and other crypto exchange websites. The country’s central bank governor raised concerns about illicit flows and suspicious activities on crypto platforms, especially highlighting Binance’s activity in Nigeria. Binance has previously faced legal consequences in the US for violating banking laws related to money laundering and terrorism financing.

It remains to be seen how the investigation into Binance in Nigeria will unfold and what implications it may have for the cryptocurrency industry in the country.

Previous Story

Meet Microsoft Copilot for Finance, your new favorite tool in Microsoft 365.

Next Story

Thai finance group SCBX acquires Vietnam consumer lender for $850m.

Latest from Blog

Don't Miss