Nigeria Slaps $26 Billion Tax Evasion Charges on Binance Execs: Amidst Government’s Efforts to Stem Independent Exchange Rates for Naira

Crypto has captured the hearts of Nigerians, prompting the government to launch a crackdown

The Nigerian government has charged two senior executives of Binance, the world’s largest cryptocurrency exchange, with tax evasion totaling $26 billion. Nigeria is demanding that Binance pay a fine of $10 billion for the tax evasion attributed to it. One of the managers managed to escape from arrest after reports surfaced in the state. The Nigerian regime is trying to recover billions from the cryptocurrency company.

The popularity of cryptocurrency in Nigeria is attributed to the devaluation of the naira, as citizens seek to preserve the value of their capital. Despite this, Nigeria has banned Binance despite being a leading country in digital currency adoption. Every 1 in 10 Nigerian citizens owns crypto, making it one of the most popular countries for digital currency adoption in Africa.

Ilan Shterek, CEO of Horizon in Altshuler Shachem, explains that Nigeria began limiting cash withdrawals from ATMs a year ago to reduce capital outflows. The Nigerian economy struggles to meet its population’s needs despite being a large country with a strong economy in Africa. Recent measures were taken against Binance by the government due to concerns that crypto exchanges establish an independent and lower exchange rate for the naira, further devaluing it.

Nigeria has become one of the largest trading volume countries in the decentralized crypto market despite economic challenges such as devaluation and lack of fuel subsidies exacerbating poverty among consumers.

Despite these challenges, Nigerian citizens have turned to digital currencies as an alternative to their faltering naira. This has made Nigeria one of the largest trading volume countries in Africa’s decentralized crypto market. However, this rise has sparked concerns among government officials about independent exchanges establishing lower exchange rates for the naira.

Binance has faced regulatory issues before, including a tax evasion case in America that ended with a settlement and a ban on activities in Western countries. The recent arrests without charges have raised fears about potential diplomatic crises with America and Britain. One manager remains in custody while Interpol was asked to issue a global arrest warrant for another who escaped custody.

The situation continues unfolding as Nigeria grapples with how to maintain control over its flow of capital while also adapting to digital currency adoption and rising popularity among its citizens.

Sophia Reynolds

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