The Federal Government has reaffirmed its openness to cryptocurrency companies, even as it pursues an $80 billion lawsuit against Binance, the world’s largest crypto exchange.
The lawsuit, filed last month, alleges that Binance’s operations in Nigeria caused economic losses. This legal action follows the earlier detention of Tigran Gambaryan, a US-based Binance employee, in connection with a money laundering probe. Gambaryan was held for eight months before being released, and the charges against him were eventually dropped.
Binance, which halted all transactions in Nigeria in March 2024, has denied the allegations.
Speaking to Semafor on Friday, the Minister of Information and National Orientation, Mohammed Idris, clarified that the government’s legal action was aimed at enforcing regulations rather than targeting specific firms.
“We are ensuring that no one comes and operates without regulation,” Idris said, pointing out that other crypto companies in Nigeria continue to function without facing lawsuits.
“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 the risks of cryptocurrency being misused for illegal activities like terrorism financing, money laundering, and tax evasion, stressing the need for international cooperation.
