In Nigeria, the EFCC has filed a lawsuit against Binance and two executives for alleged money laundering activities, escalating the ongoing regulatory issues. The EFCC, now overseeing the case previously handled by the NSA, is pursuing charges against the executives. This legal action follows a prior lawsuit from the FIRS regarding tax evasion.

Binance and its executives face five charges, including accusations of operating without a valid license, breaching financial regulations. The EFCC alleges that Binance facilitated foreign exchange transactions on its platform, violating the Foreign Exchange Act. Additionally, prosecutors claim that Binance and its executives conspired to conceal $35.4 million in proceeds from unlawful activities.

Efforts to apprehend Nadeem Anjarwalla, a missing Binance executive, have intensified with court orders and collaboration with international agencies like the FBI and Interpol. Despite Binance confirming Anjarwalla's release from federal custody, the regulatory turmoil persists. Another executive, Tigran Gambaryan, has sued the NSA and EFCC for his detention, seeking his release, the return of his passport, and an injunction against further arrests, along with a public apology.

The cryptocurrency community has voiced concerns over the harsh regulatory stance, urging authorities to adopt a more balanced approach towards the industry.

In conclusion, the EFCC's legal action against Binance and the pursuit of a missing executive underscore the complexities of regulating cryptocurrencies in Nigeria, prompting calls for a fairer regulatory framework from industry stakeholders.