Crypto Crackdown: Nigeria Says “Yes” to Crypto, “No” to Binance’s Bad Behavior

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Crypto Crackdown: Nigeria Says “Yes” to Crypto, “No” to Binance‘s Bad Behavior

Crypto Crackdown: Nigeria Says “Yes” to Crypto, “No” to Binance’s Bad Behavior

Story Highlights

  • Nigeria remains open to crypto firms, but Binance is not getting a free pass.
  • The government is seeking $80 billion from Binance for economic losses.
  • Nigeria enforces crypto regulations to combat financial crimes.

Nigeria is like that one friend who’s always like, “Hey, I love you, but you need to shape up and fly right.” And right now, Nigeria is looking at Binance like, “Girl, bye.” Minister Mohammed Idris says Nigeria wants to establish regulations for the crypto sector instead of banning its operations. But, let’s be real, Nigeria is also suing Binance for $80 billion. That’s like, a whole lotta naira! 🤑

Apparently, Nigeria’s authorities filed a court complaint against Binance for economic losses the exchange generated in the country. And, oh, did we mention that Binance executive Tigran Gambaryan was arrested and detained for eight months? Yeah, that didn’t end well for him. 🚔

But, Binance is all like, “We didn’t do anything wrong!” And, Nigeria is all like, “Uh, actually, you did.” The exchange has denied all accusations and suspended transactions in Nigeria starting March 2024. However, crypto companies in the market face no legal restrictions that prevent their normal operations. 🤷‍♀️

Nigeria Supports Crypto but Demands Compliance with Regulations

Idris proclaimed that Nigeria plans to stop financial criminal activities, like tax evasion, money laundering, and terrorism financing. And, let’s be real, who doesn’t love a good regulation? 📚 It’s like, the more rules, the better, right? All big money transfers need to follow established legal procedures, because, why not? 🤔

The lawsuit filed by Nigeria seeks compensation of $79.5 billion from Binance, which is a whole lotta cash, if I do say so myself. And, get this, Binance must pay $2 billion in unpaid taxes according to the demands of the Nigerian government. Nigeria uses these legal actions to show its commitment to enhancing financial regulations. 💸

The government of Nigeria maintains its support for businesses operating in the cryptocurrency industry, as long as they follow the rules, of course. Compliance with rules remains mandatory for every organization. Idris emphasized that Nigeria supports cryptocurrency except when financial operations need to be fair and equitable. 🙄

The Federal High Court in Abuja dismissed all Gambaryan charges in October 2024. All court charges filed by the Economic and Financial Crimes Commission (EFCC) were officially dismissed. This marked a key moment in Nigeria’s legal dispute with Binance. 🎉

Nigeria remains active in developing improved policies on cryptocurrency. The government promotes digital asset enterprise operations throughout the country. The economic protection of the country through financial law execution remains essential for businesses that operate in the industry. 💼

 

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2025-03-22 21:44