Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value.

The company is, in addition, facing allegations of terrorism financing, money laundering and tax invasion, among others.

Nigeria is one of the largest peer-to-peer crypto markets in the world. Between July 2022 and June 2023, crypto transactions in the country reached $56.7bn, according to an American blockchain analysis firm Chainalysis.