Binance continues to face regulatory challenges in multiple countries. Yesterday, a Nigerian court dismissed a lawsuit by Binance executives against the government. The executives were briefly detained on charges of money laundering and tax evasion. Furthermore, Binance has appealed the $4.4 million fine imposed by the Transactions and Reports Analysis Centre of Canada (FINTRAC), stating that its services were not specifically targeted at Canadian residents.
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Hundreds of former federal prosecutors and FBI agents pressure Biden to expedite the release of Binance executives in Nigeria.
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(Background information:
Binance CEO Richard Teng accuses the Nigerian government of illegal detention and demands a bribe payment of 150 million Naira.
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Although the world’s largest cryptocurrency exchange, Binance, reached a record $4.3 billion settlement with regulatory agencies such as the US Department of Justice (DOJ) last year, its ongoing lawsuit with the Securities and Commission (SEC) has not concluded yet. Additionally it still faces regulatory obstacles in multiple countries.