Binance, the world's largest cryptocurrency exchange, is facing legal troubles in Nigeria due to allegations of money laundering, tax evasion and currency speculation.

Two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, are at the center of the dispute. Gambaryan was arrested upon arrival in Nigeria for talks with the government and has been denied bail due to flight risk concerns. Anjarwalla was also charged but escaped custody in March and was later arrested in Kenya.

The Nigerian government has accused Binance of facilitating $26 billion in illicit funds transfers and engaging in tax evasion, currency speculation and money laundering totaling $35.4 million.

The legal battle highlights the growing regulatory scrutiny facing cryptocurrency exchanges globally. If convicted, Binance executives could face hefty fines and jail time, damaging the exchange's reputation and ability to operate in Africa's largest economies. Despite this, Binance's native token, BNB, has been trading steadily between $570 and $583 over the past three days, showing signs of strength in the broader cryptocurrency market.