Nigeria’s EFCC is back at it, accusing Binance of laundering $35M and operating without proper licenses. The case has twists—executives fleeing and one released after U.S. pressure. This crackdown is part of Nigeria’s push to clean up crypto, but it’s sparking debates about balancing regulation and innovation.
Nigeria’s Economic and Financial Crimes Commission (EFCC) is hitting Binance with an amended lawsuit, accusing the crypto giant of laundering over $35 million. The case, filed in Abuja, claims Binance was hiding funds from illegal activities and even doing foreign exchange stuff without a license, something Nigeria’s Bureau de Change has flagged before.
This all started earlier this year when EFCC charged Binance and two of its execs, including Nadeem Anjarwalla, who has since gone on the run. Another exec, Tigran Gambaryan, was locked up for eight months but got released recently due to health issues and pressure from the U.S. government. The charges were updated after Gambaryan’s release.
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The case is part of Nigeria’s bigger crackdown on illegal crypto operations, with the EFCC targeting local firms for things like unlicensed conversions of USD into naira using stablecoins. As the country tightens its grip on digital assets, debates are growing about how much regulation is too much, especially when it comes to protecting investors while still letting the industry grow .
The crackdown reflects a larger trend in Nigeria and Africa, where crypto adoption is rising but so are scams. With Nigeria leading in identity fraud cases, crypto has become a major target for fraudsters.
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