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Bitcoinist 2025-03-23 02:00:20

Nigeria Reaffirms Openness To Crypto Amid Legal Troubles With Binance – Details

Nigeria Reaffirms Openness To Crypto Amid Legal Troubles With Binance – Details

The Nigerian government has expressed its acceptance of the crypto industry despite ongoing legal battles with the Binance exchange. The West African nation has described the recent clashes with the world’s largest exchange as efforts to strengthen its regulatory environment. Binance Crackdown Necessary To Curb Crime, Uphold Regulatory Standards: Nigerian Minister In a recent interview with media outlet Semafor , Nigeria’s Minister of Information Mohammed Idris suggested the nation remains crypto-friendly amid pending lawsuits against Binance. Since 2024, the Nigerian government has acted against Binance operations within its borders citing multiple reasons. Notably in March 2024, the leaders of Africa’s most populous nation demanded compensation of $10 billion from Binance for allegedly manipulating the foreign exchange rate resulting in a 70% devaluation of the Nigerian Naira. These statements came amid the detention of Binance executive Tigran Gambrayan over allegations of money laundering activities on the crypto platform which eventually lasted for over eight months.Most recently in February 2025, the Nigerian government sued Binance again for $79.5 million, citing economic losses due to the exchange’s alleged illegal operations in the country. Nigerian officials have previously suggested that Binance processed over $26.5 billion in Nigerian transactions despite being an unregistered identity. The Nigerian Minister of Information explained that the crackdown on Binance was in fear of these cryptocurrency transactions supporting illicit activities such as money laundering, tax evasion, and terrorism financing. Therefore, the legal action was solely aimed at maintaining regulatory integrity and preventing crime.Mohammed Idris said: 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. 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. The Minister further added: 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. Amidst this heightened regulatory scrutiny, Binance has since closed down its Nigerian market halting all transactions involving the Naira. However, the Nigerian government emphasizes its commitment to a blossoming crypto industry in accordance with operational and regulatory standards. Related Reading: XRP, Cardano Command Inflows Amid Market Wide Selling – Here Are The Numbers Crypto Market Overview Despite showing signs of a bull run in Q4 2024, the crypto market has struggled to reestablish a similar form as indicated by recurring widespread corrections and market uncertainty since December. At the time of writing, the total crypto market is valued at $2.72 trillion reflecting a 0.88% gain in the past week. Bitcoin maintains a 60.5% market dominance as the leading cryptocurrency followed by Ethereum at 8.7% and other altcoins at 30.8%.

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