Nigerian Court Postpones Money Laundering Case Against Binance Executives to Oct 11

IconCryptoNewsTerminal Staff13 Jul, 2024

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Nigerian Court Postpones Money Laundering Case Against Binance Executives to Oct 11

Nigerian Court Adjourns Binance Money Laundering Case A Nigerian court has postponed the hearing on money laundering charges against Binance and two of its executives to October 11. This follows the withdrawal of tax evasion charges by the Federal Inland Revenue Service (FIRS) of Nigeria. The postponement was granted to allow Binance and its executives time to prepare their defense. The charges stem from allegations that Binance laundered over $500 million through its Nigerian operations. Binance has denied the allegations, calling them "baseless." The company has also stated that it will cooperate fully with the investigation. The Nigerian government has been cracking down on cryptocurrency-related activities in recent months. In February, the Central Bank of Nigeria ordered banks to close the accounts of cryptocurrency exchanges. Despite the government's crackdown, cryptocurrency remains popular in Nigeria. The country is one of the largest markets for cryptocurrency in Africa.

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