The Nigerian government remains supportive of the cryptocurrency industry despite legal disputes with Binance. The Minister of Information, Mohammed Idris, asserts the need for regulatory compliance, citing issues of money laundering and financial integrity. Although Binance has ceased operations in Nigeria, the government emphasizes its commitment to a regulated crypto environment. The overall crypto market continues to experience volatility with Bitcoin leading.
The Nigerian government continues to express its openness to the cryptocurrency sector, despite ongoing legal challenges with Binance. Officials assert that these clashes are aimed at reinforcing the regulatory landscape within the country. Nigeria’s Minister of Information, Mohammed Idris, emphasized the country’s crypto-friendly stance even as lawsuits against Binance proceed.
Since 2024, the government has taken action against Binance, including a demand for $10 billion in compensation following allegations of foreign exchange manipulation that led to a significant devaluation of the Nigerian Naira. Additionally, Binance executive Tigran Gambrayan faced detention for over eight months due to money laundering charges related to the exchange’s operations.
In February 2025, Nigeria filed another lawsuit against Binance for $79.5 million, attributing this figure to economic damages from the company’s purported illegal activities. Nigerian authorities claim that Binance processed transactions exceeding $26.5 billion in Nigeria without the necessary registration, raising concerns about potential illicit activities such as money laundering and terrorism financing.
Minister Idris clarified that the legal actions against Binance are intended to promote regulatory compliance rather than to inhibit the crypto business. He noted, “This is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation.”
He further highlighted the necessity of addressing illicit financial activities on an international scale, stating, “You can’t have a huge amount of transactions that do not meet the operations of financial dealers.” Despite the regulatory pressure, Binance has ceased operations in the Nigerian market.
The Nigerian government reiterates its commitment to fostering a thriving crypto industry while adhering to operational and regulatory standards.
In broader crypto market trends, despite a bull run in late 2024, consistent market corrections and uncertainties have persisted. Currently, the crypto market is valued at $2.72 trillion, with Bitcoin holding the majority market share at 60.5%, followed by Ethereum at 8.7% and other altcoins at 30.8%.
In conclusion, Nigeria is navigating a complex relationship with the cryptocurrency sector, balancing regulatory enforcement against desires for industry growth. The government insists that its legal actions against Binance are essential for maintaining financial integrity and curbing illicit activities. As the crypto market continues to fluctuate, Nigeria’s stance may influence future interactions with cryptocurrency exchanges and the broader industry.
Original Source: bitcoinist.com
