Nigeria has formally accused Binance, the leading global cryptocurrency exchange, of tax evasion and conducting illegal operations within its borders.

The Nigerian government alleges that Binance facilitated the illicit movement of approximately $26 billion in 2023, circumventing VAT and income tax obligations.

Binance faces serious charges including money laundering and financing terrorism, with claims of contributing to the destabilization of Nigeria's national currency.

In a broader clampdown, Nigeria is targeting unlicensed forex entities and has demanded transaction details from Binance for its top 100 users.

A key Binance regional manager, Nadeem Anjarwalla, escaped from custody and is currently sought by Nigerian authorities.

Despite the escalating legal issues and challenging economic conditions in Nigeria, Binance maintains its innocence and commitment to investing in the country.