Nigeria Takes Legal Action Against Binance Execs for $26 Billion Tax Evasion, Sparks Debate on Crypto Regulation in Africa

The Nigerian government declares war on crypto as citizens embrace it

In Nigeria, the government has initiated legal action against two senior executives of Binance, the world’s largest cryptocurrency exchange, over allegations of tax evasion totaling $26 billion. Along with the prosecution, Nigeria is seeking a fine of $10 billion from Binance for the tax evasion charges. One of the managers managed to escape from arrest, while the government is actively pursuing the recovery of the alleged tax evasion funds from the company.

Despite Nigeria being a leading country in digital currency adoption, the government banned the use of Binance under the guise of tax evasion charges. This move is surprising given that a significant portion of Nigerian citizens own cryptocurrencies. The popularity of crypto in Nigeria is driven by factors like

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