The Federal Government has reaffirmed its openness to cryptocurrency businesses, even as it pursues an $80bn lawsuit against Binance, the world’s largest crypto exchange.
The government filed a legal action against Binance in February, citing economic losses linked to its operations in Nigeria.
The lawsuit followed the earlier detention of Binance’s US-based staff member, Tigran Gambaryan, who was held for eight months in connection with a money laundering probe before being released. The charges were later dropped.
Despite the legal battle, Binance has denied all allegations and halted transactions in Nigeria since March 2024.
Speaking with Semafor on Friday, Minister of Information and National Orientation, Mohammed Idris, stressed that the government’s actions were aimed at strengthening regulations rather than targeting any specific company.
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“We are ensuring that no one comes and operates without regulation,” he said.
He noted that other cryptocurrency firms continue to operate in Nigeria without facing legal challenges. “There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.
Idris also raised concerns about cryptocurrency being misused for illicit activities such as terrorism financing, money laundering, and tax evasion. He underscored the need for global cooperation to regulate digital transactions.
“It is not just Nigeria. Internationally, it’s also important to address illicit financial flows. You can’t have a huge amount of transactions that do not meet the operations of financial dealers,” he said.