Terrorists and kidnappers used the Binance exchange to transfer funds, Nigeria’s Minister of Information, Alhaji Mohammed Idris, told DL News.

According to him, the platform facilitated the financing of criminal activities, worsening security issues in the country.

“We have found evidence linking Binance to terrorists and other criminal groups,” the minister said.

Nigeria has filed three lawsuits against the exchange. Two of them accuse Binance of aiding money laundering and tax evasion. In another case, authorities are demanding $81.5 billion in damages from the company.

Hearings will begin soon.

Pressure on the company has intensified since officials claimed that cryptocurrencies were used for payments to kidnappers and militants. According to the national statistics office, kidnappings and violence affected millions of Nigerians in a year, with total ransom payments reaching $1.4 billion.

In February 2024, authorities detained two senior Binance executives. Nadim Anjarwalla managed to escape to Kenya, while Tigran Gambaryan spent eight months in the Kuje correctional center in Abuja. In October, the Nigerian government dropped all charges against him.