The Nigerian government’s high-stakes legal battle against cryptocurrency giant Binance shows significant signs of stalling, casting doubt on whether charges against the exchange will ever reach trial. Recent procedural setbacks highlight persistent challenges
Facing Multiple Allegations
Nigeria’s prosecution of Binance, initiated in early 2024, accuses the exchange of facilitating unlicensed foreign exchange trading allegedly contributing to naira devaluation. The legal action encompasses three separate cases.
Four Months of Inaction
According to government spokesperson Festus Okonkwo, a three-month delay in proceedings is merely the latest episode in a series of “procedural deceptions” characterizing the case against Binance. Attempts to execute warrants of arrest electronically allegedly failed, leaving the two remaining Binance executives still officially wanted in Nigeria.
Executives Still Unapprehended
Binance’s former compliance chief, Tigran Gambaryan, was arrested in March and served six months in detention before his release via U.S. diplomatic intervention. The exchange’s regional manager, Nadeem Anjarwalla (currently residing in Kenya), evaded arrest last March. Both face ongoing charges in Nigeria. The Foreign Minister, Tijani Bande-Johnson, emphasized last week that hounding Binance for these alleged “obvious and very serious crimes” remains the government’s “consistent position.”
A Three-Pronged Attack
Facing these charges, Binance is implicated in three distinct legal actions:
- A tax evasion lawsuit
- A money laundering prosecution seeking the forfeiture of $35.4 million
- A newer charge alleging that Binance siphoned approximately $81 billion from the Nigerian economy through illicit trading.
Operational Stagnation
Nigeria’s “bombastic” rhetoric seems to be outpacing its operational capabilities. While government officials maintain the focus is on “curbing Nigeria’s collapsing economy,” key legal proceedings have stalled significantly:
- The money laundering case hasn’t progressed since February
- The tax evasion trial received a three-month delay
- The $81 billion economic distortion case remains dormant due to initial procedural errors in service and ongoing disputes over legal methods.
These repeated obstacles sow serious doubt regarding the government’s capacity or determination to bring the Binance cases to fruition.
