Nigerian Authorities have taken Legal Action against Cryptocurrency Exchange Binance
Nigerian authorities have taken legal action against Binance, impacting cryptocurrency exchanges in Nigeria.
The charges brought against Binance and the executives include operating without a license, unlawfully negotiating foreign exchange rates, tax evasion, and concealing the origin of illegal proceeds amounting to $35.4 million. The trial, which began following the arrest of Gambaryan and Anjarwalla in February, has been contentious, with the executives accusing authorities of illegal detention and passport seizure. Moreover, reports surfaced suggesting that the Nigerian government requested the names of citizens trading on the platform. The court adjourned the money laundering trial until April 8, following a dispute between Gambaryan’s lawyer and the public prosecutor over representing Binance without the company’s permission.